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Take merchant acquirers who wish to expedite the posting of funds on the same day to a merchant’s bank account. Same Day ACH can give a boost to them, as well as to prepaid cards that can be loaded faster, with the assurance of having goodfunds behind them. banks and credit unions the ability to better serve their customers.
Or that wire transfer revenues could be cannibalized as endusers are incented to shift payments to RTP. No one argues the need to rid the payments systems of inefficiencies and frictions associated with getting access to funds when needed – or the importance of knowing with certainty when goodfunds will arrive.
Businesses wait to be paid by their buyers — not knowing when the money will actually be received, if it is goodfunds and sometimes how much they’ll get. So do their corporate customers: certainty that there are goodfunds and certainty about when they can access the money. Businesses spend a lot of time waiting too.
And for good reason, Ingo Money CEO Drew Edwards noted in a recent conversation with Karen Webster and Ingo Executive Vice President and Chief Product Officer Lisa McFarland — instant payments present a world of interesting possibilities for creating better consumer experiences across a wide range of uses.
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