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Transforming the US Payment Systems - Dealing with the Demand for Immediate Payments

When:

On demand

Where:

Finextra.com

Transforming the US Payment Systems - Dealing with the Demand for Immediate Payments

The way money moves is undergoing radical change globally. In an increasingly digital world, customers and regulators expect better, faster services to move monies efficiently and securely in real-time, and current payment infrastructures struggle to meet these needs.

Real-time payments (RTP) must support all payment types from deposits, utility bills and government and business transactions to person-to-person (P2P). Therefore, radical change is needed as legacy systems have reached their limits. In the US The Clearing House has developed a comprehensive real-time payment system. This will launch later this year and provide a platform for innovative new services.

In the lucrative person-to-person instant payments sector a consortium of banks launched Zelle as their response to other providers in the sector. All of this creates great opportunity and choice for consumers, but for banks it is complex and costly to keep pace with the expansion of technology. How they integrate RTP and P2P into their existing infrastructures and drive value, reduce transaction costs and drive value from new services is a conundrum they wrestle with.

To examine the strategies and challenges, we have gathered a panel of industry thought leaders to discuss and debate options and opportunities for the industry.

Join us for this on demand webinar to hear from hosts Dovetail as well as industry experts and thought leaders from Capital One, The Clearing House, Zelle and CEB TowerGroup discuss and debate options and opportunities these radical changes have and how they will affect the industry.

Key topic of discussion include:

  • What are the challenges and constraints with current legacy payment systems and why do they need replacement? Are they able to meet the demands of today’s digital economy?
  • What is the banks’ approach to the transformation of the US payments infrastructure? What drives their decision making and what are their challenges?
  • Do banks take a strategic, holistic view of moving to a new payments infrastructure or are they managing these migrations as a multiple projects with resultant competing costs and resource? How can this be managed more effectively and what are the cost benefits?
  • Do banks lose or gain revenue from the new RTP and P2P schemes? Is the benefit simply protecting existing relationships and is it time to explore other innovative revenue opportunities?
  • Banks maintain many separate payment systems at considerate risk cost and maintenance. Is now the time to consider consolidation of their systems? What is the technical and competitive advantage of moving to a payments hub? What are the considerations in terms of selecting solutions and partners?

The panel we have gathered is drawn from industry experts and thought leaders:

  • Trevor LaFleche, Vice President, Global Product Marketing, Dovetail
  • Steve Ledford, SVP, Products and Strategy, The Clearing House
  • Laura Weinflash, VP Product Management, Early Warning
  • W. Avery Miller, Director, Enterprise Payments, Capital One
  • Andy Schmidt, Executive Advisor, CEB TowerGroup

 

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