Today we live in a world of instant gratification and on-demand everything. Just like we expect Uber cabs to get there straight away, consumers and businesses now expect the same from financial services. But while the fintech industry continues to see rapid growth, the payments infrastructure in the US is way behind the rest of the world.
With faster payments on the tip of everyone’s tongues at the Money20/20 conference in Las Vegas, we caught up with The Bancorp’s VP of business development, Matt Carberry, to talk about the current state of the industry. Also sitting on the Federal Reserve’s Faster Payments Task Force, here Carberry shares his insights on the future of faster during an interview in Finetics™ Studio.
“We’re looking at how we can speed up the US payments system can catch up with the rest of the world,” says Carberry. “We are the last nation to develop a real-time streamlined payments network. A lot of the architecture is very old so we almost need to start from scratch. It’s a big challenge. People have different ideas of what ‘fast’ is and different motivations. Until now goal has not been to solve problems, it’s been identifying what ‘nirvana’ looks like. We need to catch up and keep up.”
To hear more on ‘The Future Of Faster’ from NACHA – The Electronic Payments Association CEO Janet Estep, Fiserv Group President for Billing and Payments Rahul Gupta and Sean Rodriguez, the Faster Payments Strategy Leader and Senior Vice President of the Federal Reserve System, check out the Finetics blog.
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