Jim Colassano, SVP, RTP product management at The Clearing House; Meghan Oakes, VP head of products and services enterprise payments Americas at FIS; and Dan Baum, head of payments product at FedNow, all agreed that the stars are aligning to move money faster across a variety of use cases, appealing to a wide range of users.
Banks and companies have committed to accepting rapid payments. The consumer’s reluctance to accept rapid payments as a regular feature of their financial lives will be short-lived. According to Oakes, companies would forgo checks and wire transfers, and straight-through processing will transform commercial payments.
It may take time, but ubiquity is on its way.
According to the panelists, there is a push to establish the framework and infrastructure for speedier payments. After all, our environment is getting more instantaneous. To allow immediate communication, we interact with text messages and real-time interactions. We also demand openness and real-time proof of where our money is, where it’s going, and that the individuals and businesses we pay have the dollars in hand.
“We want insurance claims paid out in an instant, and we want other things done in an instant,” Oakes said. “Consumers are taking their personal experience [with speedier payments] as they become company owners and are starting to adopt real-time payments,” Colassano added.
