What are “faster payments” and what do they mean for the payments industry?
In the latest episode of the Innovative Payments Podcast, Kim Ford, the director of the U.S. Faster Payments Council answers these questions for us. We discover what the definition of faster payments is, who the players are, and what faster payments mean for the future of the industry.
Payment companies such as Zelle and Venmo offer one version of faster payments. Organizations like NACHA and the Clearing House also are doing work to speed up transaction processing settlement. Additionally, there are plenty of signs that the Federal Reserve is likely to get in on the action.
Speeding up transaction and settlement times will no doubt change the industry. Everyone involved in a transaction will no doubt see changes, but Ford expects that slower payments will continue to be an option. Companies will need to figure out what role faster payments will pay in their strategies and day-to-day business.
To learn more about the U.S. Faster Payments Council, you can visit: https://fasterpaymentscouncil.org/
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