Making payments faster remains top of the agenda for the financial industry and in the US NACHA – The Electronic Payments Association is right at the heart of the process. With same day payments set to hit the market this September, we caught up with NACHA president and CEO Janet Estep at Money20/20 in Las Vegas. During an interview in the Finetics™ Studio she talks progress, challenges and what lies ahead for the industry this year.
“It’s not only the payment,” says Estep. “The challenge is getting everybody do it in the same way. It’s also about the attached systems. The payment might move across, but if you can’t post it to the end account that’s a problem. I’ve had businesses says to me ‘it’s great if I can receive an ACH the same day but if you don’t send the data that helps me post it to my internal account I can’t do anything with it’. For now having payments plus information is part of the challenge.”
To hear more on ‘The Future Of Faster’ from The Bancorp VP of business development Matt Carberry, Fiserv Group President for Billing and Payments Rahul Gupta and Sean Rodriguez, the Faster Payments Strategy Leader and Senior Vice President of the Federal Reserve System, check out the Finetics blog.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.