Faster Payments Moves Forward with Payments Modernization

Faster Payments, an endeavor involving all stakeholders in the payments industry, with the Federal Reserve working in an advisory capacity, will include all of the basics of today’s payments systems, with security, transfer of funds and

Travis Dulaney, CEO/CTO and co-founder of Push Payments tells Mobile Marketing & Technology.

Dulaney will be a keynote speaker and a panelist at the 2017 Mobile Payments Conference, Aug. 28-30, at the Swissôtel in Chicago, Ill.

The final report of the Faster Payments Taskforce, of which Dulaney is a member, came out just under two weeks ago.

“Our own maturity is our biggest Achilles heel,” Dulaney says. “We’ve been really good at covering our inconsistencies. We’ve moved to a digital society, but much of financial services has not.”

Dulaney explains that while the U.S. has moved to digitize much of the payments system, it has done so without solving many of the inefficiencies underlying the payments system. By adopting the Faster Payments philosophy, most of these inconsistencies are removed, making for a better, faster, more efficient payments system.

The Faster Payments Task Force is seeking to make payments:

  • Near real-time
  • Ubiquitous and broadly inclusive, enabling end users to reach any other end user, including unbanked, underserved and cross-border end users, regardless of the solution they use.
  • Safe and secure

“We’re at the start of something extremely progressive,” Dulaney says. “Most people thinks it already works this way. We’re trying to meet the expectation of the public.”

Moving to near real-time movement of funds helps with liquidity, which will help businesses and consumers alike better manage their cash flow, while still controlling risk, Dulaney adds.

The Faster Payments task force recommends that payments stakeholders begin collaboratively in three key areas: Governance and regulation; infrastructure; and sustainability and evolution.

The goal is to have a Faster Payments operable in the U.S. by 2020.

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