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As a result, he predicted that the entrenchment of faster payments will be a linear progression that moves from consumer-to-consumer (C2C) to consumer-to-business (C2B), then to business-to-consumer (B2C) to business-to-business (B2B). So, from the beginning, start with the individual consumer. Particularly in the U.S,
Direct deposits, push payments, eWallets, same-dayACH transfers, PayPal, Zelle and myriad other platforms and tools are now second nature. B2C, C2B, B2B and P2P: There are many ways that individuals and companies need to move money, and some have advanced more than others as agile new players enter the race.
Federal Reserve made its own progress in exploring how the nation’s regulatory environment can support faster payments progress while maintaining security, while NACHA offered up some new data on same-dayACH volume growth in the country. billion in funds transferred using SameDayACH, an average of $650 per transaction.
First, there was the Fed’s decision to slow faster payments progress via SameDayACH because it wasn’t ready to approve another processing window during the day. SameDayACH and the card rails – both of which allow for money to move fast into consumer and business bank accounts for every consumer with a debit product.
Recently, NACHA — The Electronic Payments Association approved three new rules to update SameDayACH services. Such was the case in Hong Kong, where the existing RTGS system was only serving high-value interbank transactions, leaving peer-to-peer (P2P) and consumer-to-business (C2B) payments to languish.
The reason faster payments is so important, Proto said, is because the four major quadrants of the payments industry — P2P, B2B, B2C and C2B — are all beneficially impacted when it comes to the expedited movement of money and data. When it comes to P2P payments, Proto pointed to a shifting consumer mindset and, in turn, adoption.
And with multiple solutions facing the industry to enable this new capability: SameDayACH will begin its Phase One rollout this fall. Early Warning, which bought clearXchange , is expanding its banking network to enable real-time solutions between banks for B2B, B2C, C2B and C2C solutions. Here in the U.S.,
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