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.
There is a desire, according to the panellists, to develop the framework and infrastructure for faster payments. After all, our environment is getting more instantaneous. We connect with text messages and real-time exchanges to enable for instant contact. We also want transparency and real-time verification of where our money is, where it is going, and that the people and businesses we pay have the money in hand.
“We want insurance claims paid out instantly, and we want other things done instantly,” Oakes explained. “When they become business owners, consumers are taking their personal experience [with faster payments] and starting to use real-time payments,” Colassano noted.
