Podcasts about real time payments

In the first episode of our new podcast, Connor and Nic Carter explore the implications of the upcoming Trump presidency and recent political shifts on the crypto industry. Nic shares insights from his recent trip to Washington, where he met with key members of Congress to discuss their legislative priorities with respect to crypto and technology broadly. The episode explores the implications of ending "Chokepoint 2.0," the potential for a stablecoin bill, and the need for crypto-friendly legislation. Nic also touches on challenges with the SEC, the Strategic National Bitcoin Reserve, and the future of Bitcoin and the broader crypto market. They discuss the role of corporate investments, the evolution of CoinMetrics, the founding of Castle Island Venture along with Nic's personal journey in faith and combat sports. Timestamps: 00:00 - Introduction 05:43 - Key Priorities for Crypto Regulation and Banking Access 08:52 - Critique of the Hagerty Bill and Discussion on Financial Thresholds 13:57 - Assessing Bitcoin's Future Amid Political Discourse 16:14 - Future of Crypto Regulation and Priorities 18:27 - Shifting Sentiments in Crypto Regulations 20:13 - Tax Incentives and Global Bitcoin Mining Dynamics 23:07 - Bitcoin Mining and Sovereign Nations' Strategies 24:53 - Startups, Bitcoin, and Market Dynamics: Insights on Crypto Trends 34:28 - Building Crypto Infrastructure: The Genesis of Castle Island 38:48 - Startups and Wiffio Moments 39:45 - Evolution of Coinmetrics: From Small Funds to Institutional Focus 41:36 - Finding Purpose Through Bitcoin and Venture Capital 43:15 - Maintaining Focus with a Small Team in VC 46:39 - Supporting Founders: The Evolving Role of Venture Capitalists 50:58 - Building a Career Through Media and Writing 53:18 - Finding Your Voice in the Digital Age: The Power of Content Creation 55:42 - Specialization and Evolution in Crypto Investing 01:00:06 - Impact of Real-Time Payments on Stablecoin Adoption 01:16:10 - From Fanboy Moments to Faith and Future Ventures Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

Welcome to the Corporate Treasury 101 podcast!In today's episode, we discuss Trends in the Payment Industry and how they impact Treasurers, with Bruno Mellado from BNP Paribas.Bruno Mellado is the Global Head of Payments and Receivables at BNP Paribas. With expertise in cash management and payments, he excels in delivering client-driven solutions by leveraging innovative technologies and collaborates seamlessly with corporate clients, IT organizations, and Fintech partners to navigate market and regulatory changes.BNP Paribas is a prominent European bank with a global footprint spanning 65 countries. The bank excels in Commercial and Personal Banking, Investment and Protection Services, and Corporate and Institutional Banking, providing comprehensive financial solutions for individuals, businesses, and institutions worldwide.In the episode of today, expect to learn:What is happening in the Payment space lately?What B2B Payments, Real Time Payments, e-invoicing and ISO 20022 are?How have changes in technology and regulations affected Treasurers in the Payments world over the past few years?How to make your case as a Treasurer to lead your transformation journeyWhat is BNP doing in this space to help their clients embrace change?And… much more!Links & References:Bruno on LinkedIn: Click Here.BNP Paribas Website: Click Here.__________________________Learn the fundamentals of corporate treasury by downloading our free ebook at www.corporate-treasury-101.com Connect with us on LinkedIn: https://www.linkedin.com/company/corporate-treasury-101/If you have any questions or topics you want us to tackle in the future, reach out to us on Instagram or email us at contact@corporate-treasury-101.com.

In this episode of Payments Podium, the Payments Professor, Kevin Olson, sits down with Ian McAllister, COO of Unit21, to discuss combating fraud in instant payments. Explore trends like AI's role in scams, real-time fraud monitoring, and tips for banks to enhance their defenses. Learn how Unit21 is empowering financial institutions with cutting-edge strategies and insights to stay ahead in the fast-paced world of real-time payments.

Episode Topic This episode of the PayPod podcast explores the dynamic fintech landscape in Asia, featuring insights from Dwight Willis, CEO of DSGPay. As a leader in payments innovation, Dwight dives into topics like embedded finance, open banking, and the challenges of financial inclusion across Asia's varied economies. Based in Thailand, DSGPay serves a wide range of clients with services such as real-time payments and multi-currency virtual accounts, offering unique solutions for cross-border payments. Dwight contrasts the regulatory landscape in Asia with that of the West, emphasizing the distinct hurdles and opportunities faced by fintech companies operating in diverse markets such as Southeast Asia. For listeners interested in fintech, this episode offers a comprehensive look at the unique dynamics of payments and regulatory challenges in Asia. Lessons You'll Learn In this episode, Dwight shares invaluable lessons on balancing innovation with regulatory compliance in cross-border payments. You'll learn how DSGPay navigates challenges in emerging markets, emphasizing the importance of working with regulated partners to maintain compliance while driving financial inclusion. Dwight highlights the benefits and risks of real-time payments and embedded finance, especially within the context of Asia's unique regulatory environment. He also shares insights on managing multi-currency accounts to streamline international transactions. This episode provides a robust learning experience for anyone interested in fintech, payments innovation, and the opportunities for financial inclusion in Asia's evolving markets. About Our Guest Dwight Willis is the co-founder and CEO of DSGPay, a pioneering fintech company specializing in real-time payments and multi-currency virtual accounts. With a background in banking and tech, Dwight's journey to fintech entrepreneurship was fueled by his desire to tackle the high costs and limited options for cross-border payments in Asia. Based in Thailand, he and his team at DSGPay have grown the company organically, focusing on providing innovative payment solutions across Asia. Dwight's vast experience working with regulatory frameworks and his unique perspective on embedded finance make him an influential figure in the Asian fintech space. Topics Covered This episode covers a range of critical topics in the fintech industry, including embedded finance, open banking, and financial inclusion. Dwight discusses the importance of real-time payments for small and medium-sized enterprises (SMEs) in Asia, shedding light on how these solutions can drive financial inclusion while also presenting challenges. Other key topics include the cultural and regulatory diversity across Asian economies, the role of multi-currency accounts in facilitating cross-border transactions, and the complexities of managing compliance in emerging markets. This in-depth conversation offers a valuable perspective on navigating the fintech landscape in Asia.

Asia Pacific is home to some of the world's largest real-time payments markets. In the last decade, there has been rapid proliferation of digital payment solutions such as digital wallets, peer-to-peer transfers, and contactless payments, which have enabled the growth of digital economies across Asia and beyond. While the payments experience may seem simpler, providers face growing challenges from regulations, fragment systems and the advancement of AI. In a wide-ranging interview, Thomas Warsop, CEO of global payments company ACI Worldwide, provides his insights on current trends and challenges shaping the way we pay.See omnystudio.com/listener for privacy information.

Welcome to Omni Talk's Retail Daily Minute, sponsored by Scratch Event DJs, Ownit AI, and Mirakl. In today's Retail Daily Minute, Amazon and Walmart make headlines across the board:Walmart Partners with Fiserv for Real-Time Payments: Walmart introduces a real-time payment option for online shoppers, aiming to reduce reliance on credit cards and offer a faster, more efficient payment process.Amazon Launches ‘Grade and Resell' Program: Amazon's new initiative allows sellers to efficiently handle returns by grading and reselling items, providing customers with discounted pre-owned options while reducing waste.Nike Appoints Elliott Hill as CEO: Nike reshuffles leadership with Elliott Hill returning as CEO, focusing on balancing direct-to-consumer strategies with wholesale partnerships to stabilize growth and reclaim market leadership.Stay informed with Omni Talk's Retail Daily Minute, your source for the latest and most important retail insights. Be careful out there!

Today Chris Nichols sit down with Lee Wetherington, Senior Director of Corporate Strategy at Jack Henry. They discuss the state of the payments industry and the implications of real-time payments for community banks. VIEW AGENDA FOR THE ELEVATE BANKING FORUM HERE The views, information, or opinions expressed during this show are solely those of the participants involved and do not necessarily represent those of SouthState Bank and its employees SouthState Bank, N.A. - Member FDIC  

What's doing well in Fintech? How are Real-Time Payments coming along? Thanks to Raypd CEO Arik Shtilman for a great talk on what's new and impactful in the world of Fintech this week on the Fintech Newscast https://www.rapyd.net Click Subscribe to keep up to date on the world of fintech!  Reach us at info@fintechnewscast.com or at … Continue reading Ep 238- Rapyd CEO Arik Shtilman

DJ Seeterlin, Chief Innovation and Strategy Officer, and Kevin Wood, Managing Director of Flexent at Chesapeake Bank, recently joined Steve Darling from Proactive to discuss an exciting new business initiative in the trucking sector. Chesapeake Bank, known for offering the Flexent program focusing on accounts receivable financing since 1995, has taken a significant step forward to address a pressing need in the industry. In 2023, recognizing the necessity for faster payment solutions for truck drivers—who often need immediate funds for expenses such as fuel and repairs—Chesapeake Bank acquired another company to develop a real-time payments system. This innovative system allows truck drivers to receive funds instantly upon load delivery and paperwork submission, effectively bypassing slower methods like ACH and expensive wire transfers. The initiative has already seen strong adoption, with 93% of truck drivers preferring instant payments. Chesapeake Bank has been a pioneer in adopting real-time payment technologies, being among the first 25 banks in the US to implement them in 2020. Their early involvement and proactive approach in the industry have enabled them to swiftly deploy these solutions, demonstrating their commitment to innovation and customer satisfaction. The new service is expected to significantly benefit the trucking sector by providing faster and more efficient payment options. Additionally, it is poised to enhance Chesapeake Bank's traditional receivables financing business, while also generating additional revenue through ancillary products. This initiative underscores Chesapeake Bank's dedication to meeting the evolving needs of its clients and advancing the financial services industry. The company emphasized the importance of this development, highlighting how the real-time payments system not only supports truck drivers in their day-to-day operations but also strengthens Chesapeake Bank's position as a leader in financial innovation. As the trucking industry continues to grow and evolve, Chesapeake Bank remains committed to providing cutting-edge solutions that drive success for their clients. #proactiveinvestors #chesapeakefianancialsharesinc #otcqx #ckpf #TruckingIndustry, #RealTimePayments, #AccountsReceivableFinancing, #InnovationInBanking, #FinancialServices, #TruckDrivers, #InstantPayments, #PaymentSolutions, #BusinessFinancing, #Fintech, #RevenueGrowth, #CustomerService, #FinancialInnovation, #BankingSolutions, #FuelExpenses, #TruckRepairs, #USBanking, #PaymentTechnologies #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

Please note: The opinions expressed on FX in Focus are those of the speakers only, and do not necessarily reflect the views of Corpay Inc.

Send us a Text Message. Real time payments.  Coming at you right now.  Are you ready?On the show is James Colassano, an SVP at The Clearing House, an institution owned by some of the world's largest banks (including Chase, BMO, CapitalOne, B of A, Santander and more). And The Clearing House very much wants credit unions to get involved with its RTP network because its goal is ubiquity.Already hundreds of credit unions, including Navy Federal, are on board.The 2024 fact is that consumers - and businesses - want money to move instantly.  Institutions that don't possess that capability will fall behind.It's easy to get involved with RTP, by the way. Most core systems in use at credit unions already have the capability built in.  Flick a switch, complete some paperwork, and an institution is active.  The starting point in this journey: talk with your core provider.  They likely will know your next steps.In this show Colassano talks about use cases for RTP and also about how to claw back a payment that was made in mistake.He also explains how RTP and FedNow are different but fundamentally on the same mission.Listen up.Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com  And like this podcast on whatever service you use to stream it. That matters.  Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

S02:E05, Donna Kinoshita, Chief Payments Officer at Payments CanadaDonna Kinoshita | Chief Payments Officer at Payments Canada | Bringing Real-Time Payments to Canada with Donna Kinoshita, Chief Payments Officer at Payments Canada“We call it… the three legged stool. You've got the Retail Payments Activities Act as the rules. The Canadian Payments Act is the who can be members and participants… Then the third leg of the stool is the infrastructure. And so we like to refer to the Real-Time Rails as that third leg…The ambition is the stars align and all three happen concurrently. That's the ambition. ”—  Donna KinoshitaIn this episode, we speak with Donna Kinoshita, Chief Payments Officer at Payments Canada. Payments Canada underpins the Canadian financial system and economy by owning and operating Canada's payment clearing and settlement infrastructure. As the Chief Payments Officer, Donna is responsible for managing Payments Canada's relationships with its members, stakeholders and regulators, and Payments Canada's communications, policy and research functions. As payments continue to rapidly evolve, Donna and her teams work closely with industry stakeholders to ensure the Canadian payment ecosystem is inclusive, enables fair competition and supports a thriving Canadian economy.Prior to Payments Canada, Donna led Symcor's integrated sales, product and marketing strategy to support market expansion and revenue growth in the role of Senior Vice President & Chief Strategy Officer. Previous to Symcor, Donna held the role of Senior Vice President and Group Head of Global Products and Solutions at Mastercard Canada.In our conversation, we cover a wide variety of topics including the Retail Payments Activities Act, what that is, how it will impact the financial industry, and the progress of the Real-Time Rail. Enjoy! Looking for more?Discover more about Donna here.You can learn more about Neo Financial here.Follow us on Facebook, Instagram, Twitter, and LinkedIn.Interested in joining Neo? Unlock a special offer for podcast listeners here: join.neo.cc/podcast50

Summary Niural is a payroll and treasury management platform that aims to make cross-border payments faster, cheaper, and easier using stablecoins. Nabin Banskota, President and Co-founder of Niural has a background in traditional finance and tech, and he and his co-founder saw the potential of blockchain and stablecoins in revolutionizing the payments industry. They built Niural to bridge the gap between Web 2 and Web 3 customers, offering a seamless user experience for both. The platform allows companies to pay employees and contractors globally, with the option to pay in stablecoins or fiat currencies. Niural also provides HR and payroll tools, automating processes and ensuring compliance.  Nabin discusses the challenges and roadblocks faced in the adoption of cryptocurrency payments, particularly in the US. He highlights the regulatory hurdles and the discomfort banks face when working with crypto companies. Nabin emphasizes the need for common sense regulations and expresses hope for passing bills supporting the crypto industry. He also shares insights on the comprehensive solutions offered by Niural, including payroll processing, benefits administration, and real-time payments. Nabin advises founders to focus on solving real problems, build a support system, and be passionate about their mission. Chapters 00:00 Introduction and Background  06:28 The Rise of Stablecoins and the Need for Better Payments Infrastructure  13:49 Founding Niural and Combining Tech and Business Expertise  24:39 Simplifying Payroll and Payments with Niural  29:33 Addressing Global Payment Needs and Offering Choice  34:19 Challenges and Roadblocks in Cryptocurrency Payments Adoption  39:10 Comprehensive Solutions for Payroll Processing and Real-Time Payments  44:08 Building Seamless Data Flow and Modernizing Software Stack  48:33 Serving Small and Large Companies with Flexible Solutions  56:35 Advice for Founders: Solve Real Problems and Build a Support System  01:00:20 The Future of Cryptocurrency Payments: Stablecoin Payments and Real-World Asset Tokenization  01:04:09 Outro.mp4 Connect with Nabin and Niural: X (Twitter): ⁠⁠ @Nabin_Niural | @niuralHQ Telegram: ⁠⁠@Nabin_Niural LinkedIn: Nabin Banskota | Niural YouTube: @niuralhq Website: https://www.niural.com To learn more about ATX DAO: Check out the ⁠ATX DAO ⁠website Follow ⁠@ATXDAO⁠ on X (Twitter) Subscribe to our newsletter Connect with us on ⁠LinkedIn⁠ Join the community in the ⁠ATX DAO Discord⁠ Connect with us on X (Twitter): Luke: ⁠⁠⁠⁠⁠@Luke152⁠⁠⁠⁠⁠ Ash: ⁠@ashinthewild⁠ Mason: ⁠@512mace⁠ Nick: ⁠@nickcasares⁠ Willy: @willyogo Support the Podcast: If you enjoyed this episode, please leave us a review and share it with your network. Subscribe for more insights, interviews, and deep dives into the world of Web 3. Tools & Resources We Love Podcast Recording & Editing - ⁠Riverside FM⁠: We use Riverside FM to record and edit our episodes. If you're interested in getting into podcasting or just recording remote videos, be sure to check them out! Keywords Neural, payroll, treasury management, cross-border payments, stablecoins, Web 2, Web 3, user experience, global payments, compliance, cryptocurrency payments, adoption, challenges, roadblocks, regulations, banks, compliance, payroll processing, benefits administration, real-time payments, solutions, founders, support system, passion

In This Episode Todays' Breaking Banks spotlights sister podcast Finovate, featuring host Greg Palmer's recent interviews on the Future of Real-Time Payments with The Clearing House's, Jim Colassano, SVP Product Development & Strategy and a new report on Cost of Living, Lending and Insights from Tink with Jack Spiers, Banking & Lending Director, UK & Ireland. Finovate Spring is around the corner, May 21 - 23, 2024 in San Francisco, CA. Check it out!

Lex chats with Christian Catalini, co-founder and chief strategy officer of Lightspark - a company aiming to break down global payment barriers, throwing its weight behind a new standard intended to make payments as easy as sending an email. Christian kicks off by discussing his career in blockchain and academia, as well as the challenges and opportunities in the fintech industry. He explains how he became interested in crypto through his research on crowdfunding and how he later focused on Bitcoin and cryptocurrencies. Catalini also discusses the importance of decentralized governance and the potential of Bitcoin as a global payment network. He introduces Lightspark's products, including Lightspark Predict and Universal Money Addresses (UMA), which aim to make Lightning Network more efficient and user-friendly for cross-border money movement. He emphasizes the need for compliance and regulatory clarity in the crypto industry and highlights the role of various partners in facilitating on and off-ramps between digital assets and traditional payment systems. MENTIONED IN THE CONVERSATION Lightspark's Website: https://bit.ly/3uQ0Nw1Christian's LinkedIn: https://bit.ly/3UVwBu3 Topics: blockchain, crypto, cryptocurrency, Bitcoin, Digital Assets, AI, cross border, payments, lightning network Companies: Lightspark, Diem, Libra, Meta Fintech, MIT, MIT Cryptoeconomics Lab ABOUT THE FINTECH BLUEPRINT 

Episode Topic: Welcome to an insightful episode of PayPod. We invent the transformative year of 2019 for the payments industry, focusing particularly on the emergence and integration of Real-Time Payments. Our discussion centers around the innovative steps taken by Robert Kraal in founding Silverflow, and his strategic involvement with Volt and Flow to address and capitalize on the shifting landscape towards Real-Time Payments. This episode sheds light on the challenges and opportunities that come with pioneering in the fast-evolving fintech sector, and how Real-Time Payments are reshaping the way businesses and consumers interact with financial services. Lessons You'll Learn: Throughout this episode, listeners will gain valuable insights into the intricacies of Real-Time Payments, the hurdles of adopting such technologies, and the significant impact they have on the payments and fintech industry. We explore the critical issues legacy processors face in the current technological climate and how companies like Silverflow are distinguishing themselves by leveraging advanced data analytics and offering unparalleled data transparency. The episode also delves into the evolving role of data in enhancing payment processes and how Real-Time Payments are influencing consumer behavior and merchant operations. About Our Guest: Thr esteemed guest, a prominent figure in the fintech world, played a pivotal role in the inception of Silverflow and took on influential positions at Volt and Flow in 2019, a year marked by significant advancements in Real-Time Payments. With a deep-rooted history in the payments industry, our guest brings a wealth of knowledge and experience to the table, discussing the vision behind Silverflow, the mission of Volt in the Real-Time Payments arena, and the broader implications of these technologies on the global financial landscape. His insights into the evolution of payment processing and the strategic importance of data transparency in today's market are both enlightening and inspiring. Topics Covered: This episode covers a broad spectrum of topics related to the fintech and payments industry, with a special focus on Real-Time Payments. We discuss the foundational journey of Silverflow and its mission to address the inefficiencies of legacy payment processors. The conversation also explores Volt's role in facilitating Real-Time Payments across various territories, the challenges of widespread adoption, and the potential for expansion in response to evolving policy initiatives. Furthermore, we examine the relationship between Real-Time Payments and credit, predicting how the acceleration of payment processes might influence future financial transactions. Lastly, we touch upon the importance of integrations and collaborations in the fintech sector and highlight key trends to watch in 2024, emphasizing the continuous impact of Real-Time Payments on the industry. Check out our website- https://www.soarpay.com/

Look into the "Beyond the Buzz Words" E-book for free here on our website!Welcome to the Corporate Treasury 101 podcast!This is the first part of our full interview with Bruno Mellado, where we discuss Payment Trends Reshaping the Treasury Landscape.In the episode of today, expect to learn:What is happening in the Payment space lately?What B2B Payments, Real Time Payments, e-invoicing and ISO 20022 are?How Bruno sees these changes affecting Treasury departments?And… much more!We hope you will enjoy the episode. If that is the case, and when you are thinking about how you found our podcast, chances are it was through word of mouth, social media, or a recommendation from your favorite podcast platform.This is our only request to you. The best way you can support the podcast is to head to YouTube and subscribe to our YouTube channel Corporate Treasury 101, that would mean the world to us, and help more people learn about Treasury! Learn More from Bruno Mellado: Click Here.Sponsor:Automation Boutique - "Beyond the Buzz Words" E-book for free here on our website!Links & References:Bruno on LinkedIn: Click Here.BNP Paribas Website: Click Here.__________________________Learn the fundamentals of corporate treasury by downloading our free ebook at www.corporate-treasury-101.com Connect with us on LinkedIn: https://www.linkedin.com/company/corporate-treasury-101/If you have any questions or topics you want us to tackle in the future, reach out to us on Instagram or email us at contact@corporate-treasury-101.com.

Look into the "Beyond the Buzz Words" E-book for free here on our website!Welcome to the Corporate Treasury 101 podcast!In today's episode, we discuss Trends in the Payment Industry and how they impact Treasurers, with Bruno Mellado from BNP Paribas.Bruno Mellado is the Global Head of Payments and Receivables at BNP Paribas. With expertise in cash management and payments, he excels in delivering client-driven solutions by leveraging innovative technologies and collaborates seamlessly with corporate clients, IT organizations, and Fintech partners to navigate market and regulatory changes.BNP Paribas is a prominent European bank with a global footprint spanning 65 countries. The bank excels in Commercial and Personal Banking, Investment and Protection Services, and Corporate and Institutional Banking, providing comprehensive financial solutions for individuals, businesses, and institutions worldwide.In the episode of today, expect to learn:What is happening in the Payment space lately?What B2B Payments, Real Time Payments, e-invoicing and ISO 20022 are?How have changes in technology and regulations affected Treasurers in the Payments world over the past few years?How to make your case as a Treasurer to lead your transformation journeyWhat is BNP doing in this space to help their clients embrace change?And… much more!We hope you will enjoy the episode. If that is the case, and when you are thinking about how you found our podcast, chances are it was through word of mouth, social media, or a recommendation from your favorite podcast platform.This is our only request to you. The best way you can support the podcast is to head to YouTube and subscribe to our YouTube channel Corporate Treasury 101, that would mean the world to us, and help more people learn about Treasury! Learn More from Bruno Mellado: Click Here.Sponsor:Automation Boutique - "Beyond the Buzz Words" E-book for free here on our website!Links & References:Bruno on LinkedIn: Click Here.BNP Paribas Website: Click Here.__________________________Learn the fundamentals of corporate treasury by downloading our free ebook at www.corporate-treasury-101.com Connect with us on LinkedIn: https://www.linkedin.com/company/corporate-treasury-101/If you have any questions or topics you want us to tackle in the future, reach out to us on Instagram or email us at contact@corporate-treasury-101.com.

Reggie Young sits down with fintech expert Matthew Goldman in a deep dive into the world of card payments, real-time payment systems, and the latest trends in credit cards. With his extensive background in the card space and as the leader of Totavi, a boutique fintech consulting firm, Matthew shares his invaluable insights on the evolution of card products, the impact of regulatory changes, and the future of credit card services. They explore the nuances of banking relationships, fraud management, and the burgeoning field of Credit-Card-as-a-Service, offering listeners a comprehensive understanding of the current state and future prospects of the fintech industry.Get a 10% discount on Totavi's Credit-Card-as-a-Service Report with the the following code: layercake.

Host Jen Donahoe sits down with Xsolla's Interim CEO and President, Chris Hewish, to get the juicy facts from Xsolla's State of Play Report. The insights apply to all platforms and regions, so be sure to listen in. They cover 4 key topics: - The rise of real-time payments - Alternative Payments - Web shops with new data from the top 100 companies - The upcoming EU DMA and side-loading in iOS 17.2 beta For more information about the State of Play report visit the Xsolla Blog here --- Send in a voice message: https://podcasters.spotify.com/pod/show/deconstructoroffun/message Support this podcast: https://podcasters.spotify.com/pod/show/deconstructoroffun/support

Michael Barr is a busy man these days. As the Federal Reserve's vice-chair for supervision, he's looking at ways of making the financial system safer through the next-generation of US banking regulation, known as the Basel "endgame" proposal. In July, he also unveiled the central bank's new real-time payment settlement system for banks, called FedNow, after years of development. Of course, all of this is happening at an interesting time for banking. This year saw the collapse of three banks following deposit runs. There have been big losses on bond portfolios as interest rates rise, a cyberattack that briefly unsettled the US Treasury market, and there's still a lot of general uncertainty over the direction of the US economy. In this episode, which was recorded live onstage at The Clearing House annual conference in New York, we speak to Barr about how he's thinking about the payments space, big changes to bank regulation, and the macro outlook.See omnystudio.com/listener for privacy information.

Episode Topic: Join Jacob Hollabaugh in this riveting episode of PayPod, as he explores the transformative journey of real-time payments in the financial landscape with Rusiru Gunasena, a distinguished guest from The Clearing House. Delve into the evolution, challenges, and future trends shaping the payments ecosystem, focusing on the significant impact of the Real-Time Payments (RTP) system over the past six years. Lessons You'll Learn: In this episode, listeners will gain insights into the transformative journey of the Real-Time Payments (RTP) system over the past six years. Discover the impact of RTP on the payments landscape, its technical intricacies, and the strategies employed to ensure continuous operation. Learn about the integration of RTP with existing banking systems and its scalability for future digital payment growth. Explore the influence of emerging technologies and understand the competitive dynamics in the payments ecosystem, including the impact of the Federal Reserve's FedNow. About Our Guest: Rusiru Gunasena, representing The Clearing House, brings a wealth of expertise to the conversation. With a deep understanding of the payments industry, Rusiru provides valuable perspectives on the history and role of The Clearing House, offering listeners a comprehensive background to contextualize the discussion. Topics Covered: Explore the financial evolution with Rusiru Gunasena from The Clearing House. Learn about their pivotal role and the growth of the Real-Time Payments (RTP) system in six years. Understand the technical aspects, integration with existing banking systems, and scalability for digital payments. Uncover the influence of emerging technologies like blockchain and AI on RTP. Delve into the competitive landscape, including the impact of the Federal Reserve's FedNow. Discover The Clearing House's strategies for dominance and innovation, and get insights into future trends and exciting developments in the payments world over the next 12 months. Check our website: https://www.soarpay.com

Tom Alford (TMI) invites Nicolas Cailly (Societe Generale) to share his thoughts on the burgeoning role of real-time payments in treasury. Real-time payment mechanisms growing at scale around the world, yet business use is relatively limited compared to consumers, how can this 'cause for pause' amongst treasurers be resolved? Our guest explores to what extent treasurers are both ready and willing to overcome adoption and technical issues to adopt secure real-time payments, and shares his key action points for treasurers to leverage them to their full potential.

Pushpendra Mehta meets with Paul Galloway, Senior Director, Advisory Services at Strategic Treasurer, and Ben Poole, Writer at CTMfile, to review the latest treasury news and developments. Topics of discussion include the following: Real-time payments pioneer, Japan shaking off cash by embracing digital payments Visa and Swift look to enhance transparency, speed and security in global B2B money movement  80% of large enterprise finance teams to use internal AI platforms by 2026 First digital trade transaction under new UK legislation

Joining us to discuss real-time payments, from a truly global perspective, is the founder and CEO of Lipis Advisors, Leo Lipis. With over 25 years of experience in payment systems consulting and research on all six continents, Leo shares his in-depth knowledge about how this initiative is being implemented globally.

One of the richest areas of fintech innovation right now is in instant payments. The launch over the summer of FedNow has brought heightened awareness to instant payments but there have been other offerings available in this country for some time.My next guest on the Fintech One-on-One podcast is David Watson, the President and CEO of The Clearing House. They are the creator of the first instant payments network in the USA called Real Time Payments, a network that has been operating for over five years now. We talk about the mechanics behind instant payments and the benefits for both consumers and businesses.In this podcast you will learn:What David saw at The Clearing House that was really attractive to him.A short history of the 170-year-old company.The total volume of payments flowing through the US payments system.Who The Clearing House serves.How the ACH payments system works.The enhancements The Clearing House provides for wires.How they work with physical checks today.The technology behind their Real Time Payments system.Who is using RTP today.The different use cases that are flowing through RTP.What happens when you send a real time payment to a bank that is not in the network.The difference between RTP and FedNow.How David feels about competing with FedNow.His thoughts on the card network's instant payment offerings.How fraud in instant payment networks can be mitigated.His vision for the future of instant payments.Connect with David on LinkedInConnect with The Clearing House on LinkedInConnect with Fintech One-on-One: Tweet me @PeterRenton Connect with me on LinkedIn Find previous Fintech One-on-One episodes

Fednow just may change your credit union's entire approach to how money moves in and out.  That is fact and the fact is all the realer because Fednow actually launched in July. Sure, real time money movement has been talked about for at least a decade bur that was just talk, now it is real.Could you ignore it for the time being? That would be to your detriment, warns this podcast's guest expert on Fednow, Richard Crone, a longtime payments guru.Crone also tells a fast way to gain significant experience with instant money movement. You may not like this particular piece of advice - over 4000 credit unions currently are not following it. But give a listen to Crone's argument and you just may be persuaded.Crone also says that credit unions have a huge built-in advantage over community banks in regard to real time payments. This is a fight waiting to be won. If only you get involved.Listen up.Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com  And like this podcast on whatever service you use to stream it. That matters.  Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

One of the richest areas of fintech innovation right now is in instant payments. The launch over the summer of FedNow has brought heightened awareness to instant payments but there have been other offerings available in this country for some time.My next guest on the Fintech One-on-One podcast is David Watson, the President and CEO of The Clearing House. They are the creator of the first instant payments network in the USA called Real Time Payments, a network that has been operating for over five years now. We talk about the mechanics behind instant payments and the benefits for both consumers and businesses.In this podcast you will learn:What David saw at The Clearing House that was really attractive to him.A short history of the 170-year-old company.The total volume of payments flowing through the US payments system.Who The Clearing House serves.How the ACH payments system works.The enhancements The Clearing House provides for wires.How they work with physical checks today.The technology behind their Real Time Payments system.Who is using RTP today.The different use cases that are flowing through RTP.What happens when you send a real time payment to a bank that is not in the network.The difference between RTP and FedNow.How David feels about competing with FedNow.His thoughts on the card network's instant payment offerings.How fraud in instant payment networks can be mitigated.His vision for the future of instant payments.Connect with David on LinkedInConnect with The Clearing House on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes

On today's episode, financial journalist Govindraj Ethiraj talks to Peter McGuire, CEO of XM Australia as well as Dr Rashmi Hegde, Executive Vice President, Medical Affairs at GlaxoSmithKline.SHOW NOTES[00:50] India accounted Almost Half of the global real-time payments in 2022: RBI[06:50] Crude prices hit $90 a barrel, fears of $100 sweep the markets.[13:04] Rupee hits an all time low against the dollar, again.[15:43] A vaccine for Shingles leads the way to more vaccines as preventive cures.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube | Telegram

Innovation and technology have led to an explosion of new payments networks and infrastructure. Listen to use cases and considerations for using Real-Time Payments (RTP) and how it can be a strategic differentiator for companies across the globe.   Host Oliver Northern, International Payments, Product Manager, Bank of America   Co-hosts Miyoshi Lee, Head of U.S. Real-Time Payments, Bank of America David Koo, Global Platform Lead, Bank of America Matt Cornwall, Head of Treasury Operations in EMEA, Chubb   MAP 5858644 / 8-4-24

Robin Gandhi, Chief Product Officer at Nium discusses the transformative innovations in global payroll management. As businesses are increasingly operating across borders with remote and distributed teams, payroll complexities and compliance issues are becoming more significant hurdles to overcome. Nium is at the forefront of addressing these challenges, enabling companies to pay employees and contractors worldwide in a seamless and efficient manner. Robin shares how Nium's infrastructure powers renowned companies like Panther and Ripling, helping them navigate the intricate world of global payroll. We dive into the impact of real-time payments on employee experience and the operational effectiveness of businesses, the role of transparent foreign exchange rates in global payroll, and the exciting future of embedded payments. We also delve into how the pandemic has accelerated the trend of digitizing B2B payments and how Nium is leveraging this to offer innovative solutions. With Robin's decade of experience in the industry, this episode offers deep insights into the ongoing evolution of global payroll systems and the opportunities it holds for businesses worldwide. Tune in to discover how Nium is simplifying global payroll and shaping the future of global payments!

Vanity McDaniel provides an update on FedNow, the first new payments platform launched by the Federal Reserve in 50 years, and why the Fed decided to facilitate real-time or "instant" payments in the financial system. McDaniel is a senior payments business advisor at the Federal Reserve Bank of Richmond. Full transcripts and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/speaking_2023_05_24_fednow

Real time payments are dramatically changing the ways small businesses pay and get paid as we speak. Joining us today is Nicole Lorch, President of The First Internet Bank, who talks to us about real time payments for small to medium sized businesses. She also discusses the start of FedNow. Don't miss this episode to learn why your business and its bottom line could be improved by incorporating real time payments.

In E65 of The Payments Show Podcast, I spoke to Adwait Joshi who is the Founder and CEO of DataSeers. DataSeers is a SaaS solution that helps payment companies to manage critical operations such as fraud detection, compliance, identity & onboarding, reconciliation and analytics.Click through the Chapters Menu at the top of the episode webpage here: http://thepayments.showSummary of topics discussed:1. Real-Time Payments2. AI3. Merchant Account Fraud4. Synthetic Identity Fraud: Chasing a Ghost5. Analysing the Entire Payment Journey6. Pre-Paid Cards7. Financial Inclusion and Privacy8. Multicurrency Challenges9. AI Ethics: Good Guys vs Bad Guys10. Founding Story: Solving Crime Through PaymentsAnd much more…Details:- Recorded on 18 Apr 2023- Host: Satwant Phull, Founder of Digital Money Lab- Guest: Adwait Joshi, Founder and CEO, DataSeers.[Next Steps]- Get in touch with Satwant: digitalmoneylab.com - DataSeers: dataseers.ai | @DataSeers

What are real-time payments? Coffee Break Session Host Jason Campbell catches up with Strategic Treasurer's Managing Partner, Craig Jeffery, to chat about real-time payments. They discuss how these payments work, the benefits, and the risks. Listen in and learn a little bit about real-time payments.

Pushpendra Mehta meets with Anthony Carfang, Managing Director of The Carfang Group, and Ben Poole, Writer at CTMfile, to review the latest treasury news and developments. Topics of discussion include the following: India surging ahead in real-time payments, while the US is falling behind Kyriba and U.S. Bank working together to accelerate real-time payments Corporate treasurers making a significant effort to implement fraud detection JPMorgan CEO cautioning against a heavy-handed regulatory response to recent bank failures 

Call them what you will - Instant Payment Systems, Fast Payment Systems, Real Time Payments - or by their brands UPI, RTP® and more - these payment systems are experiencing success around the world. As the US stands weeks away from launching FedNow, we decided to take a closer look at the success of one of the hottest newcomers to the instant payments scene - Brazil's Pix. As it turns out, there is much to be learned from success. Launched in November 2020, in just 2 years Pix had processed R$13 Trillion. Remarkable as that statistic is, it is more impressive when you realize that within 7 months of its launch, Pix was processing more volume than credit documents (DOC), electronic transfers (TED), and bank slips combined. By February of 2022, Pix had overtaken debit and credit card transaction volumes. By December of 2022 Pix broke a record - processing more than 100 million transactions in 24 hours. If that is not enough, it looks to be accomplishing what many countries hope for with a new fast payment system - Pix has moved the needle on the financially underserved, shifting from 50% of the population being unbanked to 75% of the population using Pix. In this first episode of a 3-part series, Yvette Bohanan sits down with Cici Northup, Joanna Wisniecka, and Elizabeth McQuerry to discuss the “state of play” for fast payment systems and the key questions to ask about what the future holds for all of us as the world enters a phase of transformative modernization.  

Welcome back to the Power of Payments podcast. I'm your host Ismail Umar, and today I'm joined by Jessica Cheney, VP of Product for the Digital Banking Solutions group at Bottomline Technologies. Jessica has been with Bottomline for over a decade. Prior to that, she held similar roles at a number of other fintechs, and was also part of the commercial product management group at US Bank. She has been involved with real-time payments for many years now, and says she has a comprehensive outlook on how payments impact financial services from a commercial, fintech, and retail perspective. In our conversation today, Jessica discusses the current state of adoption of real-time payments in the US, and how the launch of FedNow – the Federal Reserve's instant payment service – is going to impact the banking industry. She also talks about how SMBs can use real-time payments to improve their day-to-day operations, and the overall impact that RTP adoption will likely have on banks, businesses, and consumers in the coming years. Listen to the full episode and get the transcript here: https://tearsheet.co/power-of-payments-podcast/power-of-payments-ep-24-talking-fednow-and-real-time-payments-with-bottomlines-jessica-cheney/

Today we dive into the past and what we discussed and predicted in 2022 as payment, fintech, and business trends. There were plenty of winners, some that won that we don't like, and some losers on the list of things we wish would have happened but did not. One popular subject on the podcast is Cannabis, and I can say that it is disappointing that Congress has not acted and passed the SAFE Banking ACT. This needs to get passed in 2023!!! CBD, HEMP, and Kratom continue to struggle with banking and merchant services - there are too many Government agencies on top of these industries. The list for 2022 included QR Codes made a huge comeback, and that continues; alternative payments didn't happen yet, but we are hopeful for 2023 on that one. Self Service Kiosks and Self-checks out are a pain and are going to cause a lot of strife for jobs for our young people, but it is a train that is not going to stop - and we saw Mcdonald's open a new restaurant with no human contact - Crypto had its ups and down in 2022 and ended in a crash and burn with FTX and SBF. - Let's see if in 2023 - if it can make a comeback! E-commerce continues to grow, grow and grow - the future is strong, and bringing alternative international payments to these merchants could make 2023 an exciting year. E-invoicing and Payment Portals were popular in 2021 and 2022 and will continue to grow in the B2B sector. ATM's going away - that did NOT happen, and the ATM industry is strong as ever and growing; cashless ATMs are in trouble, and Visa is threatening businesses with a $50K fine. Other exciting products are coming to the ATM market that will turn machines into Financial Kiosks. 2023 looks to be very exciting, with many developments in these areas. Real-Time Payments, Pay by Bank, Alternative Payments, Cryptocurrency, Omni Channel Solutions for the SMB Market, Business specific software market will continue to see rapid growth, Banks partnering with Fintech Companies, Passing the fee to the cardholder, Faster Approvals for merchant accounts - will that be a huge trend - we say YES. We see High-Risk Merchant services going thru some changes as companies merge, and there are fewer choices for these merchants. Government Regulation: We talk about Durbin, the good, the bad, and the ugly. Listen in, and let us know what you think might be the next big thing in payments and fintech for 2023!

In today's episode of

On today's episode, we discuss the use cases for real-time payments and where the service is headed. In our “Headlines” segment, we dive into embedded finance developments. In “Story by Numbers,” we break down numbers that highlight the use cases for real-time payments for enterprises and consumers. Our final segment explores the Federal Reserve's pending launch of FedNow and how it will coexist with The Clearing House's real-time payment network. Listen in as host Rob Rubin welcomes Ulrike Guigui, executive vice president, head of enterprise payment strategy at Wells Fargo, and Sandra Nudelman, head of consumer data and engagement platforms at Wells Fargo, to the conversation.   Follow us on Instagram at: https://www.instagram.com/behindthenumbers_podcast/   For sponsorship opportunities contact us: advertising@insiderintelligence.com For more information visit: https://www.insiderintelligence.com/contact/advertise/ Have questions or just want to say hi? Drop us a line at podcast@emarketer.com    © 2022 Insider Intelligence    Wells Fargo is a leading financial services company that proudly serves one in three U.S. households and more than 10% of small businesses in the U.S. Wells Fargo is proud to provide a diversified set of banking, investment and mortgage products and services. News, insights, and perspectives from Wells Fargo can be found on stories.wf.com.  

To celebrate Banking Week, we teed up two industry experts to chat about real-time payments in the US and the EU. In this episode, Jessica Cheney discusses balancing caution with tremendous opportunity in the context of real-time payment adoption in the US, sharing her views on how banks that are too cautious and slow to pull the trigger face becoming laggards and losing their competitive advantage. In a follow-on episode next week, Fred Viard continues the topic of real-time payment adoption but looks at it in the context of the EU.

In this episode, Craig Jeffery is joined by Jayna Bundy, the General Manager of Global Treasury & Financial Services at Microsoft. They discuss why faster payments matter, the goal and cost of faster payments, portals, and issues. What are "requests for payment" and how should corporations think about it? Listen in to find out.

RTP, the nation's newest payments rail, launched in November 2017 and is now celebrating its 5-year anniversary.  RTP transaction volume continues to grow at an average of 10% each quarter, and dollar value also continues to grow at the same pace. There are over 280 banks and credit unions on the network, with more joining each week. And what is really interesting about the growth, is that it is coming from financial institutions of all sizes: more than 80% of RTP participants are from smaller FIs….under $10 billion in assets.  Hear from Sarah Billings, who is senior vice president and group manager for PNC's Payment Product, Operations and Strategy group, and Rusiru Gunasena, who is Senior Vice President, RTP Product Management and Strategy here at TCH, as they discuss the surprises RTP delivered during the past 5 years, what to expect on the RTP network as we look forward, and how real-time payments are now poised for rapid growth here in the United States.

Frustrated by the risks associated with wire transfers of buyer cash to close? What about the hassle of disbursing to realtors, HOAs, tax collectors and others? Are there options under Florida’s “good fund rules” for other forms of payment? Melissa Jay Murphy 0:00 Welcome to The Fund’s Title Now Pop-up webinar. I'm Melissa Murphy with The Fund and I have the pleasure to host these webinars from time to time on topics of interest to the real estate transaction world. We push this content out to our podcast also. So that way you have continuing access to the conversation. You can share it with interesting colleagues or friends. And coincidentally, our podcast is called Title Now also, and it's available wherever you get your podcasts, so please subscribe. We would love to share information with you, and I would love to get feedback about the topics that we talked about. So, one housekeeping item before we get started, you have the opportunity to pose questions to us in the chat function. Just pose your question there. And I have Bob Rohan from our Legal Education department who will be monitoring the chat and toward the end of our presentation. I'll ask Bob if there are any questions out there that you would like for us to answer. So, let's talk about money. Dealing with the funds in a real estate transaction is one of the most important responsibilities of a closing agent. It's your job to disperse the funds to cover closing costs, seller proceeds, real estate commissions mortgage payoffs, and it's obvious that the parties to the transaction rely on you to do that properly without a hitch. We also must consider what rules have to be followed. Both lawyers and licensed title agents are governed by what we commonly call the Good Funds Rule. Lawyers must adhere to the Good Funds Rule promulgated by the Florida Bar and licensed title agents have to comply with the Good Funds Rule. It's in our Florida Administrative Code. Now these rules are pretty similar, but they're not identical. But the similarity is pretty simple and is around that basic concept. You need to have money in the bank that you're pretty darn sure is real, secure, and irrevocable before you disperse that money. In the language of both the Florida Bar rule and the Florida Administrative Code refers to “collected funds” and they define that as deposited finally settled and credited to the trust account. Otherwise, you're using someone else's money (another client) to cover the check you've written and that's not good. So, the challenge is knowing when the money, however it's been delivered to you, is finally collected. It seems to me that banks have different rules around when monies are going to be available to you. Now, there are also exceptions, there's always an exception, to every rule right. Both title agents and attorneys are allowed to make exceptions for these strict rules. But the exception is based on an intangible thing. If they have a reasonable or prudent belief, that deposit will become collected funds within a reasonable time they can disperse. You know you might be uncomfortable taking that risk. So, is there a solution to this? Is there a better way for money to be sent to a closing agent? Is there a better way for a closing agent to be able to disperse the money that's been sent to them? There is some form of payment coming our way that many think is a great solution to these challenges, real time payments and with me today is Rick Bruhn from the US Bank to talk with us about real time payments. Rick is a senior vice president at US Bank, and he is head of commercial deposits and payments solutions there. So welcome Rick. Thanks for being here. And helping us understand this new form. Rick Bruhn 4:56 Thanks, Melissa. Happy to be here and love talking about RTP and payment innovations. Melissa Jay Murphy 4:58 Let’s start with what I hope is a softball question to you. Give us some high-level definition of a real time payment. Rick Bruhn 5:12 Yeah, great, great question. Right so real time payments are the very first payment rail lot new payment rail launched in the last 40 years within the United States. You know RTP while it's still new in the US it's not super new, right it launched in 2017, with the first payment actually being sent earlier that year between us, US Bank, and Bank of New York Mellon. Over time, you know that the participation within the RTP network has certainly expanded, and the utilization of that network has also expanded. You know there are a lot of positive things around real time payments. It's currently managed by the clearing house which is a consortium of 23 of the largest banks in the United States and internationally. It operates different payment infrastructures within the financial institution sector. And you know, RTP was built to compete with some real time payments platforms that are available and have been actually for as long as 20 plus years and other foreign countries such as Japan, China, other parts of the world. So, you know, our RTP is certainly a game changer. I've been involved in the Title and Escrow industry in the banking side for 15 plus years now and a multitude of different capacities within US Bank. Since the day it was launched in 2017 really thought and still believe you know RTP has the ability to really be a game changer for the title and escrow and settlement services industries. Melissa Jay Murphy 6:52 How is it different from a wire? How is it different from an ACH payment? Rick Bruhn 7:00 Yeah, I mean, fantastic question. Right. So, you know, today in the in the title world, right settlement world, we deal a lot with wire transfers, you know, there you have finality of payment, the revocable ultimately which you know, satisfies the Good Funds Rules that you're talking about at the top of the call Melissa. And, you know, with RTP you get those same features, right, you get irrevocability, finality of payment. It can't be called back. One of the main primary differentiators of RTP to wires are with wires, you're limited by the timeframe you can send them. So, you have from when the Fed window opens 8am to 5:30-5:45pm depending on your financial institution and how long they give you to complete that wire transfer process with them, with RTP it's open 24/7 365 days a year. You want to settle a transaction on Christmas Day at 5pm. Guess what you can do that? You know and then with ACH as most people probably on the call know, depending on the type of ACH payment it is who it's between whether, it's business to business, business to consumer, or consumer to business. There are different callback rules that apply to all those different payment types and the receiver or, if it's debiting funds for a consumer account, they can have up to 60-90 days in order to dispute that transaction. Whereas with RTP, like wires, you don't have that ability. I mean, it really takes an act of God and way to get those funds back. And so, there's that. Melissa Jay Murphy 8:39 I've also heard that ACH payments are not even real time. They can be called that but they're not even real time. There's some way that the bank kind of waits to send ACH payments out. Can you elaborate a little bit on that? Rick Bruhn 8:53 Yeah, absolutely. So you're exactly right. When you're sending or when you're debiting or crediting within the ACH network, you can either push a credit, in essence you're sending money to somebody, or you can initiate a debit transaction where you're actually pulling money from someone else's account. And then those types of transactions are ultimately batched and then each bank has different processing windows for their ACH batches, in which those operate. They generally are every hour, every two hours, something along those lines, but they certainly are not real time. So, if you initiate one now, you won't technically have funds. That process won't even start until maybe one or two o'clock somewhere depending on your institution. Depending on the type of ACH payment you initiate it could be same day which means you get the money at some point today but there's no guarantee as to timing. It can be a one day or two-day settlement as well. So, you may not even see the funds for another day or two and then you still have the dispute window as well to navigate. Melissa Jay Murphy 10:02 I thought there was a kind of quirky thing about ACH. So how does real time payment actually work? So, what are sort of the logistics? Rick Bruhn 10:17 Yeah, fantastic question. So, it works. RTP (real time payments) has a number of different functionalities that a wire transfer has and doesn't have. Ultimately, so like a wire transfer, you can initiate a payment outgoing with an RTP payment much like you would initiate a wire transfer today through your financial institution. So you're probably logging into your online banking system software through your financial institution putting in a name, account number routing number, dollar amounts and maybe additional information etc. in initiating that payment and then you have somebody else probably within your organization that approves that payment before it goes out. Then there's also another functionality of real time payments. It's called request for payment or RFP, which works kind of in reverse, so it's similar to ACH debit in the sense that you are in a way requesting funds from somebody but it's not it doesn't operate like ACH debit where it automatically debits their account. So an RFP within the RTP network, so yourself as a title agent would request payments from me so say “I'm purchasing a house” or “I have signed a contract” and you're trying to collect the earnest money deposit $10,000. So, the title agent could go into their banking software, initiate a request for payment, that will come to me and it's not an email. It's not a text message that I receive or any of that stuff will actually be a notification that I received on my banking app, on my telephone on my cell phone, iPhone, whatever Android. So, it will pop up on the home a US Bank app you have a “Request for Payment” from ABC title company. I open my app, go through the authentication process with my bank to access the app and review the details of the “Request for Payment”. If I accept that and agree to pay it, within the app, it'll automatically then send those funds from my account (Obviously, assuming they are there and available. It won't allow me to overdraft my account to send the money.) to be able to send those funds over to the title agent in real time. As soon as I click Accept or Approve those funds, immediately leave my account, and then would credit the Title Agency account. Melissa Jay Murphy 12:45 So, the only delay in payment would be if you're not paying attention to your phone and you don't get the notification that the request for payment has come to you. Rick Bruhn 12:55 Exactly, exactly. You're exactly right. Rick Bruhn 13:04 Yeah, and we are seeing use cases today within the industry space where it is being utilized to collect earnest money right now today in real time. Melissa Jay Murphy 13:16 So, when the closing agent since the RFP, the request for payment, to the buyer, do they need any information other than just the buyers name and cell phone number? Rick Bruhn 13:31 Great, a great question Melissa. So you know today much like with the existing process, they will need the clients name, full name, account number routing number in order to initiate an RFP today. So when you're collecting if you're putting that money outside of the client being in your office, right so you know, you still have to have a secure method for which to collect that data. ultimately. And then be able to populate that into your banking software. A future state, you could look at a situation in the future where you could actually be collecting that information at the closing table without ever having to request that information upfront if you're dispersing closing funds to a seller or like a cash out refinance. Melissa Jay Murphy 14:19 So that's the earnest money deposit scenario, but I'm kind of getting the impression that this could be a very cool tool to use at the closing table. So, I think you've given some thought to how great this could be at the closing table. So, tell us about that. Rick Bruhn 14:38 Absolutely. I've been sitting around thinking about this for a while and for a lot of the people on the call probably don't realize but the there's a limit for RTP payments today. It's a million dollars. When it was first launched in 2017, it was $10,000. So, there wasn't really a wide applicability for the real estate settlement services space at $10,000. Then it went to $100,000 and even then, for cash out refi or to pay brokers, real estate agents, stuff like that there was some common sense uses to be able to utilize RTP. At a $1,000,000, you cover 95% probably of residential resales nationwide, somewhere in that ballpark. Obviously, wire fraud is pertinent and on the top of everybody's minds within the industry space without a doubt. We see instances where business email compromise or other avenues are utilized to gain access to escrow accounts or to dupe consumers into sending information to a fraudster or sending wires to a fraudster inadvertently. In an RTP world in the future state, you can imagine a situation whereas a title agent you can articulate to your real estate agents, consumers, builders, whomever you're working with, “no, we will never send wiring instructions to a consumer, ever, period.” You're never gonna have to do that. So, there's no business email to compromise ultimately, at the end of the day, right. In that scenario, you show up to the closing table, your consumer comes to the closing table, whether it's a refinance or a purchase sale etc. So, I know your documents and know if there's cash to collect for closing from the buyer. Your escrow agent, or closer or whomever and you would designate in your agency and initiate a request for payment to the consumer. They're at the closing table, from an iPad, from a laptop, whatever that notification shows up on the consumers’ phone. The consumer is able to go in and respond to that RFP, “ABC title agency needs $50,000 for cash to close on a transaction 1234 for XYZ property”, they accept/approve that transaction. The funds immediately leave their checking account, savings account, money market account, whichever and automatically populate into the title companies escrow account. Right there at the closing table, all done, with all parties present. Melissa Jay Murphy 17:35 And that money is finally so. Right then and there. Rick Bruhn 17:37 Absolutely, can't be called back just like a wire transfer. Melissa Jay Murphy 17:42 And I think that this just brings up a really cool images in my mind of how great this would be sitting at a closing table. All the documents are signed, closing agent says “Okay, buyer, are you happy?” “Yes.” “Okay, seller are you happy?” “Yes.” You send the request for payment to the buyer and in a minute or two they get that request for payment on their phone. They open it up. They hit Accept, boom, the money is there. And it sounds like the closing agent could turn to the seller and say “I'm sending you your net proceeds. Boom, here they go.” And they could also do that with the real estate commission? Rick Bruhn 18:34 Yeah, you're exactly right. Melissa Jay Murphy 18:41 How much would a Realtor like that! Rick Bruhn 18:43 We can even go back to the dates when the real time payment transaction limits were $10,000 per payment. We had clients within our Title and Escrow industry vertical portfolio that were actually utilizing that five years to go to pay real estate agents and brokers because for their purposes, it was a competitive advantage because they can pay realtors in real time. There was no fee for the realtor to receive a real time payment unlike with a wire transfer where they get dinged by their bank for $20, $30, $40 fee, depending on the institution, right. The realtor did want to come to the closing and collect the check and then have to go to their bank and deposit the check. They don't have to to get the funds in real time immediately, available to them, and free of charge to receive. Melissa Jay Murphy 19:34 All right this sounds too good to be true, Rick. So, what are the challenges? What are the challenges that we're facing right now? Rick Bruhn 19:38 Like with all new technology, right, it's adoption ultimately is the number one challenge. So roughly 60-65% of all DDA accounts nationwide are covered by RTP participating banks. So, a bank has to be a participating institution on the RTP network in order to initiate or receive a payment and they can participate in a lot of different ways. They can participate in the clearing house and the RTP network can just be a receiving bank where they can receive RTP payments or RFPs, etc. Or they can be an initiation bank. So, you know, smaller institutions will participate in receiving payments where a lot of larger banks like US Bank are full participants within the RTP network. All the major banks are a lot of the regional banks if not all of them are today, I know and talking directly with the clearing house, you know, they could add the next 10 largest banks that are not participants, and it really would not move the dial more than one or two percentage points, ultimately. So it's mostly smaller institutions today that are not participating on the RTP network. And then on the RFP side, that's a new functionality within the RTP network. That's really only been up and running for gosh, basically 2022. All participants within the RTP network today, all of their clients can read all their commercial or corporate banking clients, business clients can respond to an RFP. However, the limitation really right now on that aspect is only two banks, US Bank and City, currently allow consumers to receive and process an RFP request. By the end of this year. We anticipate a couple of the other larger banks Wells Fargo, Bank of America to also be included in that and we anticipate you know, a much larger amount to onboard in 2023 as well. Melissa Jay Murphy 21:44 So, it sounds like the big challenge right now is that only a very few banks allow consumer clients, consumers when they encounter that bank to receive an RFP. So that clearly is a limitation on the population that can take advantage of this currently. So is the resistance because there's a huge cost to obey to build a technology environment that will support this? Is that the reason why the smaller regionals are lagging? Rick Bruhn 22:24 Yeah, I mean, there's certainly a technological cost to it. So I mean, being in a very brand new payment rail, they have to code their systems to that that payment infrastructure and FedNow is coming as well, and a lot of people think that FedNow will jumpstart adoption around RTP and more banks will be on FedNow. Like RTP any bank that currently obviously is tied to the Fed network directly, will have the option to utilize FedNow and a lot of banks will use both FedNow and the RTP networks. What people don't realize is there's still going to be a coding infrastructure challenge with FedNow when it comes out because it as well as a new is a new payment rail, ultimately from the Fed so it's not going to run over the old wire fed wire rails. So, there's still going to be some uplift on institutions to code to that. We would anticipate that institutions would ultimately code the Fed Now will probably (that are not on RTP today) will probably go to both at the same time, as opposed to picking one or the other. It's new There certainly is a lift on cost associated with that. Even with smaller institutions today, what a lot of people may or may not realize, smaller financial institutions in a lot of ways will use the balance sheets or infrastructure of larger institutions like a US Bank, Bank of America or Wells through their correspondent banking groups that ultimately utilize some of the payment infrastructures that they have in place they are to credit accounts for those smaller institutions. So, we've seen you know even some smaller institutions come through us and like to utilize RTP through US Bank’s channels on the network versus coding themselves. Melissa Jay Murphy 24:14 So, they just kind of lease space on your network? Rick Bruhn 24:17 They give it like a click fee. Right. Like from a technology company. Melissa Jay Murphy 24:20 Well, one of the goals I have of hosting this webinar and pushing this out on the podcast is that it'll reach a whole lot of consumers that have consumer accounts that will start pressuring their banks to make this a reality. Certainly, attorneys and title agents have business accounts with their lenders and hopefully this will drive awareness which will put some pressure on banks to get on this train so that we can make payments a lot more efficient. What's the cost of sending and receiving payments through RTP? Are they comparable to wire transfer fees? Rick Bruhn 25:08 Actually, they're a lot cheaper than sending a wire transfer. So, I can't speak for all institutions, I can tell you from US Bank’s perspective, for title companies wires started for dollars incoming and or outgoing for wire transfers. For RTP based on volume, they start at roughly 50 cents and go down from there depending on the amount that you initiate. And it's for real time payment transactions they're free to receive, like an ACH. So, if you're a title company receiving an RTP from another title company, it's free for you to receive that. And if you're initiating it, you'll probably pay somewhere in the neighborhood of it should be roughly be pennies compared to what you're paying for wires today. And interestingly enough to a consumer or as we talked about earlier, a real estate agent or broker, it's free for them to receive those funds. Melissa Jay Murphy 26:04 Another benefit now the reason why we need to lobby our banks to make this happen. So, my last question is really around those darn fraudsters. Fraudsters are the thing that keep closing agents up at night and wire instructions sending receiving wire instructions, you know, is just right for fraudsters to intervention. So, how could a fraudster infiltrate this RTP system? Are there some weak links in there that we need to be aware of? Rick Bruhn 26:45 No, I mean, nothing different than what you would have with the existing wire network today. In the sense if you are just pushing payments out to consumers as you are with wire transfers today and you're having to collect the consumer information, right you're not utilizing RFP or any of that you're still going to have you're still gonna have to have ways to securely communicate with the consumer, educate the consumer and receive that information back from the consumer right related to their account number and routing number to be able to push those payments out. For a fraudster to gain access to the RTP network and initiates RFPs to consumer accounts fraudulently would be highly difficult. Ultimately, they would have to get through a bank's KYC (Know Your Customer) process. They would all they have to go through the challenges of setting up the accounts then opening, gaining access to a commercial banking software system, which is vastly different than online banking systems that consumers use, and go through the process of setting up users and verifying their identity so on and so forth, and then initiate RFPs. So the ability to do that is very low. Ultimately, I think there's a higher risk of rogue actors within institutions utilizing RFP to gain access to consumer accounts, but even then the money would have to would come out of the consumer account back into the title company's account and then they would have to move the money out of the title company into another account to get access to the funds. Melissa Jay Murphy 28:21 So there is some risks there but that sounds like a lot more trouble than just monitoring social media and hacking into somebody's Yahoo email phished out. So it'd be harder. Yeah, this has been great information. We're getting close to the end of our allotted 30 minutes. So Bob can you turn on your mic and let us know we have any questions. Bob Rohan 28:48 Quite a few of them came in. I'm trying to digest them right now. But the first one is how does this compare to Venmo? And Zelle? Rick Bruhn 28:49 Yeah, great question. So Venmo, and Zelle, are primarily P2P platforms, or could be called peer-to-peer, right? So we're consumer-to-consumer consumer-to-business. You're seeing some use cases for Zelle that are business-to-business or business-to-consumer but on a smaller scale. Venmo and Zelle also have much lower transaction limits associated with them. And those while it was Zelle you have finality of payment there you technically don't have real settled funds ultimately into your account. At the time that you received this Zelle payment while there's some funds may show there. That's your bank just showing that you know, you have funds that have shown up that those funds haven't technically been settled, most of that's been done overseeing ACH platforms, etc. In addition to that, you know, Zelle is starting to utilize RTP to move money, but that's not necessarily the consumer using RTP to send you funds, that's the bank that they're banking with RTPing and those funds from their institution to your depository institution, and then your institution in essence taking them out of their house account and putting them into your account. Bob Rohan 30:23 One of the questions is they get a lot of clients in Canada. What about foreign transaction issues? Rick Bruhn 30:29 RPT is just a domestic payment rail. There’s been talks of opening it up to some other countries but those are still in their infancy at this point. Melissa Jay Murphy 30:42 Let’s get consumers more involved in it first then we can deal with other countries. Bob Rohan 30:49 Next question, does the bank have to honor real time payments? Rick Bruhn 30:54 I will answer the question in the sense that if you are initiating the payment to a financial, I am assuming that you are meaning… You are sending a payment to a bank do they have to receive, accept, and deposit those funds? They have to be a RTP participating bank to be able to receive those funds. If they are not then that payment would be rejected by your financial institution. It would never actually leave. Bob Rohan 31:20 Is the only ability to initiate this electronically? They are used to calling in their wire instructions. Is that possible with RTP? Rick Bruhn 31:29 It is not possible with RTP. It is all done through digital rails with all participating banks to my knowledge. Bob Rohan 31:44 What are the bad actors impersonating a title company with an RFP? Rick Bruhn 31:52 They would have to gain access to the title companies online commercial banking software. They would have to initiate the RFP which would have dual authority so technically they would need two logins to be able to enable that. So, an initiator and an approver to create a RFP to go out to the consumer. Even if they pulled that off the funds would still come back into the title company account. They could change the account number that that would credit for the account which would request the RFP, ultimately. So, it would come back into your escrow account. Then the bad actors would have to turnaround and initiate an approval payment going out of the escrow account to in essence a third account to be able to move the funds outside the company. Melissa Jay Murph 32:46 Well Rick, we are out of time, and I want to thank you again for taking the time out of your schedule to share all of this information with us. Even though it is not something that is ubiquitous today in a perfect world it will be, and we can invite you back. We can celebrate with me about announcing new banks and new consumers and new rules that are available for RTPs. Here is a link to a summary of the many questions asked, with some answers! https://www.thefund.com/real-time-payments-faqs.pdf​​​​​​​

Disclaimer: The views and opinions expressed in this podcast are those of the participant and do not necessarily reflect the views and opinions of Texas Capital Bank.In this episode of Commitment Matters, Mary speaks with Nancy McDonnell, EVP, Head of Treasury Solutions at Texas Capital Bank. During their conversation, Nancy or Mary mention:Nancy defines Corporate Treasury Management as “money in and money out.” Here's an article that unpacks this a bit more.Want to know more about ERP? As Nancy recounts, here's a brief look at the history of Fintech.Nancy mentions systems like Real Time Payments (or account to account payments) have become much more common. The United States is one of the last countries to still employ check writing. Payment Journal offers a look at why this practice remains.Nancy and Mary talk about The Clearing House.Venmo, Paypal, CashApp and other consumer-driven payment types that are driving change to the title and banking industries. Nancy unpacks this with Mary and they explore Zelle, the bank-to-bank answer for real-time corporate banking.Nancy talks about payment finality. Here's a primer on the subject.Mary and Nancy discuss the FedNow system and its similarities to Real Time Payments.Same-day ACH is a thing now, but what's the difference between ACH and Wire Transfers? This article explains.Nancy talks about bad actors and how their push for urgency is designed to cause you to abandon best practice protocol. Here's a great list of tips to avoid Wire Fraud.When considering a relationship with a bank for your business, Nancy recommends ensuring they understand your unique needs.What is OFAC?Semi-annual Awareness Training helps prevent fraudulent attempts from being successful. ALTA provides a number of resources for this. Nancy talks about how Reputational Risk is as critical as Financial Risk in the Title industry. Here's how Texas Capital Bank can help.Got a topic or guest idea you want featured? Leave a voice message at 214.377.1807 or email podcasts@ramquest.com.Don't forget to subscribe, rate, and review this podcast on Apple Podcast, Spotify, or wherever you listen to podcasts, or visit RamQuest.com/podcast to download the latest episode. Lastly, we love to see when and how you're listening. Share our posts, or create your own and tag them: #CommitmentMattersPodcast

APIs give companies the ability to connect to their banks and access data through their ERP and Treasury Management systems. Gerard Tuinenburg from Unilever and Nicolas Christiaen from TIS talks about how they used APIs to improve liquidity management and access to banking information for faster reconciliation.   Host Paul Furminger, Managing Director, Treasury Sales Officer, Global Transaction Services, Bank of America  Co-hosts  Matthew Davies, Head of EMEA , Global Transaction Services , Bank of America  Gerard Tuinenburg, Director of Treasury Operations, Unilever  Nicolas Christiaen, Chief Commercial Officer, Treasury Intelligence Solutions   MAP 5011644 / 10-13-23

This is our first episode in Financial Inclusion month. Every year we dedicate one month to financial inclusion – my goal is to highlight and bring awareness to what the payments and/or fintech industry does today to help with the global challenge of financial inclusion and to discuss what more we can do. The Clearing House is a banking association and a payments company that is governed by about 23 of the largest financial institutions in the United States. They move money through wires, ACH and check images and maybe are most known for their RTP network which is the nation's newest payment system that provides instant clearing and settlement of payments here in the United States. Elena and I go on to talk about some of the challenges that the under-banked and unbanked face, how important it is to bring these segments of the population into the financial system and how companies and other organizations are leveraging the Real Time Payments network. We go deep on the importance of Earned Wage Access for both the employee and the employer. This is a vital program that can help the underserved community and is becoming more and more popular. Before we dive into the episode, I want to give a special thanks to The Clearing House for sponsoring Financial Inclusion month. To learn more about The Clearing House just visit www.theclearninghouse.org

In this HCI Podcast episode, Dr. Jonathan H. Westover talks with Jim Colassano and Eric Wade about how companies are adopting on-demand payroll practices to attract and retain talent. See the video here: https://youtu.be/ku5hbiArpq4. Jim Colassano (https://www.linkedin.com/in/james-colassano-8466096/) is senior vice president of product development and strategy at The Clearing House. Mr. Colassano has more than 25 years of experience in all facets of the Payments and Cash Management business. He joined The Clearing House in 2016 as a Senior Vice President in the Product Development and Strategy group, where he is focused on product strategy and bank readiness for TCH's new real time payments system. In this role he works closely with TCH owner banks on opportunities and applications to address business related payment problems, and identify strategic priorities for this new payments infrastructure. Before joining The Clearing House, Jim spent 10 years with HSBC as a Product Executive in their Payments and Cash Management group. During that period he served as the Global Product Head for their Payables business which had responsibility for faster payments initiatives as well as cash, check and ACH payment products worldwide. Before joining HSBC, he spent 15 years with JPMorgan Chase in a variety of cash and treasury management roles. Mr. Colassano holds Masters Degrees in Banking and Finance from Pace University. Eric Wade (https://www.linkedin.com/in/eric-wade-cpp-a2111662/) is a Product Manager at Paychex, a recognized leader in the payroll, human resource, and benefits outsourcing industry. Eric has worked at Paychex for over 28 years and in his current role, he is responsible for payment and tax related products. He has led the research and launch efforts at Paychex on multiple new products and payment strategies including being the first HCM company to offer Same Day ACH in 2016 and now Real-Time Payments in 2020. Paychex serves approximately 670,000 payroll clients, pays one out of every 12 American private-sector employees and moves over $700 billion in funds annually. Please consider supporting the podcast on Patreon and leaving a review wherever you listen to your podcasts! Go to cardiotabs.com/innovations and use code innovations to get a free Mental Health Pack featuring Cardiotabs Omega-3 Lemon Minis and Curcumin when you sign up for a subscription. Get 3 months of GUSTO free when you run your first payroll, at Gusto.com/HCI. Get up to 20% off by using code HCI for the summer sale at shop.Ekster.com/HCI. Check out the Ready for Takeoff podcast at Wix.com/readyfortakeoff. Check out Zapier.com/HCI to explore their business automations! Go to Swag.com/HCI and use promo code HCI10. Check out the HCI Academy: Courses, Micro-Credentials, and Certificates to Upskill and Reskill for the Future of Work! Check out the LinkedIn Alchemizing Human Capital Newsletter. Check out Dr. Westover's book, The Future Leader. Check out Dr. Westover's book, 'Bluer than Indigo' Leadership. Check out Dr. Westover's book, The Alchemy of Truly Remarkable Leadership. Check out the latest issue of the Human Capital Leadership magazine. Ranked #5 Workplace Podcast Ranked #6 Performance Management Podcast Ranked #7 HR Podcast Ranked #12 Talent Management Podcast Ranked in the Top 20 Personal Development and Self-Improvement Podcasts  Ranked in the Top 30 Leadership Podcasts Each HCI Podcast episode (Program, ID No. 592296) has been approved for 0.50 HR (General) recertification credit hours toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Learn more about your ad choices. Visit megaphone.fm/adchoices