faster payments

“The more ways you offer a member to make a payment, the more likely they are to use it.” - Stuart Bain

Thank you for tuning in to episode 74 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together.

My guest on today’s show is Stuart Bain, SVP of Product Management at Alacriti. Stuart shares his career journey that led him to his current role. Alacriti is a leading financial technology company dedicated to helping credit unions accelerate their digital payments transformation. The team is dedicated to providing solutions that empower clients to deliver the innovative digital payment experiences today’s members demand. 

During our conversation, Stuart and I chat about payment solutions evolving to provide seamless and efficient experiences. He discusses the benefits of these solutions and the importance of delivering a modern digital payment experience in today’s world. Listen as Stuart talks about embracing digital payment transformation and self-service options along with what is to come in the future.

As we wrap up the episode, Stuart talks about which car he would splurge on, which food chain he enjoys in Tennessee, and which tech hack he uses for balancing work and life. Enjoy my conversation with Stuart Bain!

Find the full show notes on cuinsight.com.

Connect with Stuart:
Stuart Bain, SVP of Product Management at Alacriti
stuart.bain@alacriti.com
alacriti.com     
Stuart: LinkedIn
Alacriti: LinkedIn | Twitter | Facebook | Instagram 

Ever wondered how those black and white square codes we see everywhere are revolutionizing the world of payments? We're about to decode this mystery with our guest, Sarah Hoisington, the VP of Strategy and Marketing for Matera. Join us as Sarah provides a comprehensive exploration of the evolution of QR codes and their role in transforming traditional payment methods, especially in countries like Brazil, China, and India. She'll also discuss their emerging role in the U.S. and how they're becoming a critical component in the shift towards more pay-by-bank transactions.

Don't miss out as we dive into the future of instant payments with QR codes and how they're shaping the payments industry. Sarah helps us understand how the combination of QR codes and API-based technology is enhancing the user experience and the potential they hold for facilitating instant payments. You'll also get a sneak peek into how Matera is assisting financial institutions in the U.S. to offer instant payments. The fusion of QR codes and instant payments promises a revolution in the world of transactions, propelling us into the future of anytime anywhere payments.

Philip Straley, President, FNA

Intra-day liquidity and adequate management control appear to be the required mantra for the banking industry in the wake of the banking failures in the US and the ‘rescue’ of Credit Suisse in Switzerland in the first quarter of 2023. What lessons are there for bankers and for regulators? Robin Amlôt of IBS Intelligence speaks to Philip Straley, President of network analytics firm FNA about the new pressures on banks and bankers. 

Are you tired of wrestling with the complexities of banking systems? Imagine if there was a software that could simplify your payment operations and streamline your business' finances. Enter Modern Treasury, the game-changing platform that's transforming the payment operations landscape. Our guest on this episode is Sam Aarons, the CTO and co-founder of Modern Treasury. Sam unravels the intricacies of this unique software, its value proposition and its wide-ranging customer base. Spoiler alert: Modern Treasury does not hold money for their customers but provides a pure software service!

Sam Aarons delineates the pain points businesses encounter when scaling up, and how Modern Treasury comes in handy. He articulates how his company's software mitigates the challenges of interacting with a bank's systems, while simplifying banking regulations. He also reveals how businesses can retain their existing banking relationships and fee structures without making any significant modifications. 

Lastly, we turn our sights to the future of payments, encompassing the impacts of faster payments on various aspects like payroll, consumer experiences, and inter-business transactions.  We delve into the future of payment systems in the U.S., touching on the benefits of Fed Now and real-time payments in propelling U.S. payments growth.

I was privileged to host Tede Foreman, the President of Payment Solutions at Jack Henry as my guest this week. 

The conversation with Tede offered a rich resource for anyone interested in the world of fintech and payment solutions. It provided a glimpse into the inner workings of a leading company like Jack Henry and highlighted the importance of innovation, resilience, and teamwork in this fast-paced industry. As we move into the future, it's clear that the role of AI and faster payments will continue to shape the landscape of payment solutions, making it an exciting space to watch and be a part of.

When it comes to his personal life, Tede shared his love for the great outdoors and the importance of maintaining a healthy work-life balance. He believes that disconnecting from work and spending time in nature can help recharge one's batteries and boost productivity.

With the release of Faster Payments, we decided to have a discussion with Tede Forman, President of Payment Solutions at Jack Henry on the Payment Rails, what they are, and how they differ.  Then we spend a few minutes discussing the opportunity and threat to community financial institutions related to  Faster Payments. 

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Lena Hackelöer, Founder & CEO, Brite Payments

PSD3 is an upcoming framework regulating electronic payments and the banking ecosystem within the European single market area (EEA). A challenge for European FinTechs? Well, they still have to be around to worry about it! The first hurdle is funding in a radically changed financial environment – there are likely to be casualties. Then there is the not-so small matter of the impact of AI and the paramount position of customer experience. Lena Hackelöer, Founder and CEO of Swedish FinTech Brite Payments offers her perspective on the challenges facing FinTechs.

Paul Thomalla, Head of Industry & Regulatory Affairs, Finastra; and Craig Wellman, Managing Director Financial Services, Microsoft

The number of banking payments in the UK processed via the current Faster Payments regime grew from 2020 to 2021 by 3.6 billion and this is a figure that is only going to grow. The replacement scheme, the New Payments Architecture should be in place in 2024. What do banks and other institutions need to know and need to be doing now? Robin Amlôt of IBS Intelligence speaks to Paul Thomalla (pictured), Head of Industry & Regulatory Affairs, Finastra, and Craig Wellman, Managing Director Financial Services, Microsoft.

“Stay educated on what’s happening today to anticipate what may happen in the future.” - Brian Keefe

Thank you for tuning in to episode 47 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight.com. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together.

My guest on today’s show is Brian Keefe, Portfolio Presales Consultant at NICE Actimize. Brian begins by sharing his career journey that started in law enforcement and led him to financial services. NICE Actimize brings together fraud analytics and data intelligence and insights on a single cloud-native platform to mitigate fraud and financial crime across financial institutions. The affordable cloud-based solution adds power and security to credit union operations. For over two decades, the team continues to develop new products and solutions that keep financial institutions a step ahead of financial crime.

During our conversation, Brian talks about investing in new solutions to handle faster payments with less risk. He points out the  expectations and importance of instant payments when it comes to meeting the needs of members and prospective members. Brian discusses how NICE Actimize can help credit unions detect and prevent real-time payments fraud. He explores the opportunities to offer the same secure and speedy services as larger financial institutions with the same level of risk mitigation. As we look to the future, Brian shares the importance of staying ahead of the curve when it comes to digital and legacy data and how NICE Actimize plans to continue helping credit unions do so.

As we wrap up the episode, Brian talks about connecting through VR glasses, his favorite podcast genres, and amazing small business owners. Enjoy my conversation with Brian Keefe!

Find the full show notes on cuinsight.com.

Connect with Brian:
Brian Keefe, Portfolio Presales Consultant at NICE Actimize
Brian.Keefe@niceactimize.com
https://www.niceactimize.com
Brian: LinkedIn
NICE Actimize: LinkedIn | Twitter | Facebook | Instagram | YouTube

On this episode we recap the entire month of October that was dedicated to Financial Inclusion. We had a great lineup including: 

·        Elena Whisler from The Clearing House

·        David Rocha from Prosperas

·        Ken Weber from Ripple

·        Reed Luhtanen and Gail Hildebrand from the Faster Payments Council

·        Jeanniey Walden from DailyPay

In our recap we cover topics including faster payments, earned wage access, a streamlined process to get credit and other programs that are helping to solve the global challenge around financial inclusion. 

David Rocha from Prosperas summed up the entire series this way, “Someone gave us a chance and that's really what we're trying to do for this broader community is give them a chance. And we know that if we do, they'll take it. They'll maximize it and we'll all be better for it.”

We hope to bring awareness and visibility into at least some of the programs, companies and initiative that are helping to serve the global population of unbanked, underbanked and underserved. 

And a special thanks to The Clearing House for sponsoring Financial Inclusion month. 

It’s financial inclusion month! And in this 4th episode of the month we have two top-notch experts discussing one of the main drivers for financial inclusion: faster payments. With me today are Faster Payments Council Executive Director Reed Luhtanen and National Consumers League Representative Gail Hillebrand have much to say about financial inclusion and so much more!

Coming to us with more than 40 years of combined experience in the payments industry, Reed himself was a part of the Federal Reserve task force payments initiative to create an overall governance framework for the transition to faster payments in the United States. From this, the Faster Payments Council was founded in 2018. Their goal? To bring about inclusive governance framework to help advance ubiquitous, safe, and easy-to-use faster payments. Gail, on the other hand, has spent the majority of her time in consumer advocacy and helped push the initiative for the National Consumers League – a working group that has made it their mission to protect U.S. consumers since 1899 with a focus on safety in the marketplace.

The two of them agree that financial inclusion and faster payments overlap in that faster payments can be a pathway to greater financial inclusion by removing risk and adding certainty to the transaction. As part of this podcast, we talk in depth about a recent white paper launched to the marketplace that gives recommendations on the topic of financial inclusion as it relates to faster payments. The paper identifies eight specific barriers to financial inclusion, three of which we discuss in detail on this podcast: trust, design and fraud.

Tune in to hear Reed and Gail discuss the 7.1 million Americans who currently don’t have bank accounts, the 50%+ of Americans living paycheck to paycheck and the most prominent recommendations to address three of the main barriers to financial accessibility. 

The Faster Payments Council has created multiple resources pertaining to financial inclusion including the following: 

·       Infographic: https://fasterpaymentscouncil.org/blog/10015/Faster-Payments-for-Financial-Inclusion-Infographic

·       White Paper: https://fasterpaymentscouncil.org/blog/9874/Faster-Payments-and-Financial-Inclusion-White-Paper

·       Podcast on Apple podcasts: https://podcasts.apple.com/gb/podcast/off-the-rails-from-the-u-s-faster-payments-council-fpc/id1553535872

“Don’t be hesitant about entering the faster payments arena.” - Mark Majeske

Thank you for tuning in to episode 40 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight.com. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together.

My guest today is Mark Majeske, SVP of Faster Payments at Alacriti. The team at Alacriti helps credit unions identify needs of the market, so they can stay on the edge of innovation and time their actions right for members. Credit unions large and small, can participate and compete in the marketplace, especially faster payments. Alacriti partners with credit unions to not only assess market needs but also bring connectivity to various payment rails as well.

In this conversation, Mark and I discuss the hurdles of faster payments and the new expectations it creates in business. He discusses the ease of integration and implementation of a new payment rail into a current core system. Mark talks about payment rail options, and the importance of understanding what members want when it comes to those options to create an easy experience for all. Mark discusses factors that need to be considered when it comes to fraud, along with a hybrid system to protect faster payments against fraud. 

Tune in to hear what new trends are expected to emerge in financial services as well as what’s in store for the future at Alacriti. He emphasizes the importance of member centric applications and cryptocurrency. Ultimately, Alacriti is a partner for credit unions that gives members the experience they want and expect.

As we wrap up the episode, Mark talks about his favorite music from the 70s & 80s, how he defines success, and what he enjoys doing at his lake house. Enjoy my conversation with Mark Majeske!

Find the full show notes on cuinsight.com.

Connect with Mark:
Mark Majeske, SVP of Faster Payments at Alacriti
mark.majeske@alacriti.com
https://www.alacriti.com     
Mark: LinkedIn
Alacriti: Twitter | Facebook | Instagram

Liam Jeffs, Sales Director, Icon Solutions

Icon Solutions’ IPF is a cloud-native, collaborative payments platform. The firm recently won the award for ‘most impactful project in the category Best Payment Hub/Wholesale Payments Implementation in the 3rd Global FinTech Innovation Awards. The project was for the implementation of IPF for BNP Paribas. Liam Jeffs, Sales Director at Icon Solutions discusses all things payments with Robin Amlôt of IBS Intelligence. 

Dr Jack Baldwin, Chairman & CEO, BHMI

The US banking sector lags the rest of the world in the take up of real time payments and faster payments. We investigate why and what’s likely to happen next, including the impact of ISO 20022 and what changes are coming in disputes management. Robin Amlôt of IBS Intelligence speaks to Dr Jack Baldwin, Chairman and CEO of US payments software provider BHMI. 

Same Day ACH is here and so are several other initiatives that intersect and complement its newfound faster capabilities. In the final installment of NACHA’s Countdown to Same Day ACH podcast series, George Throckmorton, Managing Director for NACHA, joined Karen Webster to explain how longstanding concepts, like ISO 20022, APIs and tokenization, are driving innovation across the ACH Network.

The post Same Day ACH: Impacts At The Intersections appeared first on PYMNTS.com.

The term “faster payments” brings many things to mind — Same Day ACH, real-time payments and even blockchain. But do all these initiatives serve the same purpose? In the latest installment of NACHA’s Countdown to Same Day ACH podcast series, Jan Estep, president and CEO of NACHA, joined Karen Webster to share the overlaps, complements and implications of all the capabilities under the faster payments umbrella.

The post Breaking Down The Faster Payments Construct appeared first on PYMNTS.com.

The payments industry may be more than ready for the long-awaited launch of Same Day ACH, but can the same be said for businesses and corporates? In this week’s episode of NACHA’s Countdown to Same Day ACH podcast series, Rob Unger, Senior Director at NACHA, gave Karen Webster a glimpse into the corporate side of Same Day ACH and what a business needs to pay attention to as the launch nears.

The post Ready Or Not (Corporates), Here Comes Same Day ACH! appeared first on PYMNTS.com.

Not only is Same Day ACH speeding up payments, but it’s expected to deliver a growing number of innovative applications to both consumers and businesses alike. In this week’s episode of NACHA’s Countdown to Same Day ACH podcast series, Jan Estep, president and CEO of NACHA, joined Karen Webster to explore how faster payments are quickly expanding the ways in which money is moved across the industry.

The post Putting Faster Payments To Work appeared first on PYMNTS.com.

It’s been a long time coming, but the countdown to Same Day ACH is almost up. The question now is: Are banks ready? In the first installment of NACHA’s Countdown to Same Day ACH podcast series, Jan Estep, president and CEO of NACHA, joined Karen Webster to discuss where the industry stands as we embark on the final stretch to faster payments finally becoming a reality

The post Is The Industry Really Ready For Faster ACH Payments? appeared first on PYMNTS.com.