Tag Archives: RTP

Shifting the U.S. Payment Ecosystem

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The ideal payment system: Fast, Seamless and Cost effective

The US payment system is continuing to improve as both public and private players in the ecosystem realize that merchants,consumers and businesses will benefit from cost effective digital payments.

Interbank connectivity through ACH, The Clearing House’s RTP network and FedNow services are prime examples of how account to account payments are getting “upgraded”. These instant payments will help drive digital commerce in secure, transparent channel.

Payment innovation will require the ability to know not only recent transactions but proactively predicting future customer /business needs and transactions.

The emergence of payment Fintechs is an opportunity for traditional financial institutions to partner and support the growth of an alternate payment system that benefits everyone with the adequate levels of risk and security covered. (the consumer, the merchant, the system behind the scenes and the financial institutions on both ends of the transaction flow)

The Flow of Money….

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So many new players and innovations are emerging its challenging to keep up with them all. Real Time Payments has been my current area of research and investigation and it’s been really eye opening to see what solutions are out there, what’s in development and where things are going.

First off – I have found that not every provider offers true “real time” – as in money movement within minutes vs. days.

Update to this point “ real time “ cross border money movement does exist in a few different flavors from the Card networks to some newer players who can deliver.as Compliance and AML are handled and there are a select range of financial institutions who are signing up for this opportunity because guess what – it’s a need that seems to be growing everyday.

There are Fintechs out there though that will provide the rails for the flow of payments whether it’s domestic or cross border – the speed and compliance factors need to be taken under consideration. It’s been fun figuring out who offers what and where and I am looking forward to understanding the underlying technology that makes money movement possible.