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Need for Speed – The Reality of Real-Time Payments in the U.S.

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NEACH’s 2016 Payments Management Conference

Email, text messages, app alerts – in this digital age of connected devices and instant communication the expectation for near immediate access is now permeating banking services. To address the growing appetite, faster payment initiatives are emerging across the globe from banks and fintech providers. This presentation will explore the landscape of real-time payments initiatives. Learn about some of the “hot topic” developments, including blockchain technology, and what the growing trend in faster payments means for U.S. financial institutions.

Publié dans : Économie & finance
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Need for Speed – The Reality of Real-Time Payments in the U.S.

  1. 1. Need for Speed – The Reality of Real- Time Payments in the U.S. Wednesday May 11, 2016 | Framingham Sheraton Hotel and Conference Center | MA
  2. 2. http://www.qinsights.net Today’s Discussion… 2http://www.qinsights.net
  3. 3. http://www.qinsights.net Today’s Discussion… 3http://www.qinsights.net
  4. 4. http://www.qinsights.net 4 1.Digital Age
  5. 5. http://www.qinsights.net 5 2.Technological Innovations
  6. 6. http://www.qinsights.net 6 3.Millennial Shift
  7. 7. http://www.qinsights.net 7 4.Pressure to Reduce Costs
  8. 8. http://www.qinsights.net 8 5.Consumer Preferences
  9. 9. http://www.qinsights.net 9 6.Big Data
  10. 10. http://www.qinsights.net Today’s Discussion… 10http://www.qinsights.net
  11. 11. http://www.qinsights.net Faster Payments versus Real-Time Payments 11 Faster Payments Accelerated payments from established schedules e.g., reducing payment times between different banks' customer accounts from days to same day ACH Real-Time Payments Instant or immediate payments; an interbank account to account payment posted and confirmed to receiver and originator in less than a minute 60 seconds
  12. 12. http://www.qinsights.net Payments can be made 24 x 7 x 365 – not all systems operate at these levels, but process payments nearly every day during specified times Completed instantaneously – majority within 1 minute Finality – cannot be reversed Certainty – confirmed as either completed or rejected ISO 20022 – underpinning standard of many payments systems Common Characteristics of Real-Time Payments
  13. 13. http://www.qinsights.net Global March to Faster Payments 13 BiR IBPS CIFS (TEF) TIC-RTGS RTC Instant Payment (NIP) Greiðsluveitan The Clearing House RTP pockets of innovation Same Day ACH NPP NOTE: Live or in development, excludes planned initiatives
  14. 14. http://www.qinsights.net Faster Payments Across Select Global Markets 14 1973 2014 Japan was the first country in the world to implement real-time payments. 2012 UK was an early adopter of faster payments with nearly 100% reach today.2008 2017 2018 Sweden was the first major adopter of ISO 20022 for real-time payments system BiR. Swish, an app owned by six Swedish banks, is an overlay service built on the BiR real-time payments system to enable P2P and consumer-to-business real-time mobile payments. Australia’s New Payments Platform is expected to be operational in the second half of 2017. Supported by 13 banks, it will provide the infrastructure for low-value payments, providing businesses and consumers with 24x7 services. The European Banking Authority’s Instant Payment Task Force is working on a pan-European solution for instant payments processing. Singapore’s Fast and Secure Transfers (FAST) is a real-time payments initiative from the Association of Banks (ABS) serving both consumers and businesses.
  15. 15. http://www.qinsights.net Today’s Discussion… 15http://www.qinsights.net
  16. 16. http://www.qinsights.net Same Day ACH 16 Rule finalized May 19, 2015 Requires acceptance of same-day ACH items Allows optional origination of same-day ACH Origination institution would pay a “Same Day Entry Fee” (5.2 cents) to the receiving institution Phase 1 September 23, 2016 Same day ACH credits Phase 2 September 15, 2017 Adds same-day ACH debits Phase 3 March 16, 2018 Adds a second mid-day settlement time
  17. 17. http://www.qinsights.net 17 Founding Members (2011) DIRECTORY Your Bank Friend’s Bank Network Participants
  18. 18. http://www.qinsights.net 18 How it works….
  19. 19. http://www.qinsights.net 19
  20. 20. 20 The Clearing House hosts the RTP core infrastructure for the U.S. Financial Institutions will have the ability to directly connect to the RTP core infrastructure to provide real-time payments capability and value-added services to its customers and clients. Third-Party Service Providers will be able to directly access the RTP network and provide access to FIs that may not want to connect directly to the RTP system. Correspondent Banks, Banker’s Banks, Community Banks and Corporate Credit Unions, will provide connections to the RTP network as well as settlement services for FIs that may not want to connect directly to the RTP system. 1 2 3 4 5
  21. 21. 21 From this… To this… Instant and bilateral › Synchronization › Latency › Liquidity › Risk › Visibility › Fees
  22. 22. http://www.qinsights.net 22 › Lower fees: free micro- transactions (under $10); 25 cents transaction fee › “Instantaneous transfers” › Agnostic to payment type i.e., P2P, B2B, C2B, B2C, G2B, B2G, etc.
  23. 23. http://www.qinsights.net Today’s Discussion… 23http://www.qinsights.net
  24. 24. 24 Thank You – Questions? Let’s Connect… Nasreen Quibria| Managing Director & Founder nasreen.quibria@qinsights.net (m) 617.388.6207 nasreenquibria @nquibria