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Speakers: Elizabeth McQuerry, Glenbrook Partners; Mike Sklow, Goldman Sachs; Samson Rajan; JP Morgan; Miriam Sheril, Form3 1:30pm-2:10pmCT: Panel Session – Business End-Users Mega UseCases (City Beautiful Ballroom AB) As more capabilities become available for faster payments, business endusers are finding creative ways to use the services.
Card rails are using push payments to close those gaps and support many new usecases for instant money. Both card networks are pushing money over their debit rails and instantly into the bank accounts of consumers and SMBs using their debit card aliases. See First Data and Fiserv. See Visa and Earthport.
And when it comes to 24/7 real-time payments, adoption by businesses, and by consumers, will be pushed ahead usecase by usecase and transferring funds between accounts in minutes or seconds will gain traction. It may make sense that the first usecase for Pay on Delivery focuses on alcohol distribution.
Typically, financial institutions (FIs) are a tougher sell than endusers when it comes to new money-moving products. Designed for small business owners, these components can also be useful for landlords collecting rent payments, charity functions, church groups, organized sports and other usecases, said Maoloni.
Because we’ve all seen what happens when we let the shiny new toy syndrome (aka what’s best for the innovator and not the enduser) drive innovation. Prepaid is another product category that sounded good to innovators but perhaps less compelling, at least so far, to the intended enduser. Take checkout.
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