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Compared to the United States, other geographies have seemingly had an easier task to bring real time payments to market – simply based on their size. Yet, accessibility and ubiquity remain obstacles even in countries with many fewer players than the U.S. Increased payment system access by more players has the potential to reduce complexity as some barriers are eliminated, while accessibility may also increase the work required of those who now have to directly deal with the scheme’s application process and connections. Accessibility may also require “liquidity,” depending on how transactions are funded or pre-funded, creating another hurdle for ...
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There are an estimated 80 million millennials – those much sought after consumers aged 18-34 – in the U.S. In relation to the payments industry, they are thought to display some erosion of trust in traditional financial institutions, while being more than willing to engage with new payments models, including person-to-person payment platforms such as Venmo, Square Cash and others. Last year, consumers transferred $379 billion through online and mobile, according to research firm Javelin Strategy. There are plenty of articles and research about what makes millennials tick, but the Payments Innovation Alliance gathered a half dozen of ...
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8 Key Takeaways from The Alliance’s Miami Members Meeting (with photos) For everyone else in the world, Miami is just a beach. But for three days in October, it was a hotbed of collaboration and brainstorming on business opportunities, innovative solutions and critical decision making. Members of the Payment’s Innovation Alliance, representing 200 member organizations from throughout the payments ecosystem and around the globe, arrived in the city for the Members Meeting for three days of interactive knowledge exchange. Here are eight key takeaways from the meeting: 1. The Members Meeting is not another conference. In fact, it isn’t a ...
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Last week (Sept 30th - Oct 1st), I was at the NACHA Payments Innovation Alliance conference in Miami, with my colleague Mary-Ann Francis from Wipro also , and Alexis Roussel, CEO of the Swiss Bitcoin Exchange company, former member of the Swiss Bitcoin Association , and board member of the Swiss Digital Finance Compliance Association . Alexis and I first did a Blockchain 101 presentation... we were expecting to go through a reasonable set of slides... but given the significant number of (very interesting) questions we got from the audience, we only got through about a 3rd of them. Luckily, we covered the most important part, the one that ...
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Following up from the lively discussions at the Alliance Membership Meeting in Miami here's an article from Karen Webster The Blockchain: It's Just Like the Internet, Except it's Not on PYMNTS.co
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NACHA has completed additional education and outreach to the industry on the topic of using ISO20022 formats for ACH payments. A recent webinar in September was jointly supported by NACHA and the Regional Payment Associations and the result was nearly 100 financial institutions participating. So what does this all mean to U.S. financial institutions today? In just a few weeks an industry white paper commissioned by NACHA will educate and inform U.S. financial institutions on the topic and provide the basis for both near term and future ISO20022 strategies. In addition to the white paper NACHA is also creating an ISO20022 resource center to assist ACH end users. ...
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Is ISO 20022 the Future for the ACH Network? Your Opinion Matters! Please take a few minutes to complete the ISO 2002 Use Case Benefits Survey
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...and I loved it. Payments professionals from a wide range of geographies gathered in Barcelona for Nacha’s Payments Innovation Alliance last week. The main topics of conversation centred on real-time payments, the upcoming PSD II, new entrants to the market and, of course, the blockchain. While the actual sessions themselves were under the Chatham House Rule, I can give you a flavour of what was discussed and debated in sunny Spain last week. It can be easy, for those outside our industry, to dismiss the ‘plumbing’ aspects of banking – the payments processing, the regulations, the KYC - as boring or regulated to the realm of commoditisation. Nacha ...
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If you missed the LA Alliance session on digital wallets, you may be wondering what’s really new in this space. Here’s a quick summary that details new research findings on Apple Pay and the opportunities for forward thinking financial institutions. Leon Majors, from Phoenix Marketing International and Paul Fiore, Founder and CEO of CU Wallet provided their insights and brand new consumer data (from Phoenix). Phoenix had just completed their Credit Card Monitor Survey – and at the time of the Alliance meeting was still conducting analysis on the raw data. Leon shared preliminary findings that were only a few days old to set the stage. Here are some ...
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Mobile payments have been a key topic for the payments industry for several years. However, with the introduction of new mobile point-of-sale (POS) payment solutions by major players in the industry, the increasing utilization of mobile devices by both consumers and corporates, and the continued growth and evolution of the ACH Network to meet industry needs, the industry and mobile payments stand at an important crossroad. Consumers and businesses are using mobile devices to make both remote and proximity payments via the ACH today. While their current use is somewhat limited, there is the potential for dramatic growth as utilizing the mobile channel for ...
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