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According to Domenico Scaffidi , head of market infrastructures at Volante , there is a bit of a conundrum: While the most obvious value proposition of real-time payments is speed, corporate customers require value-addedservices alongside real-time payments on the basis that moving money in real time is not enough.
Aiding that is the fact that VolPay, Volante’s API-enabled platform, includes analytics, liquiditymanagement and virtual accounts and can process domestic and international payments. But Scaffidi added that no payment modernization trends make sense unless they give customers better, more seamless experiences.
He said there are going to be some institutions that will want to connect with both instant payment services — FedNow and The Clearing House (TCH)’s real-time payments ( RTP ) network — in a desire to ensure resiliency and redundancy to support outages in one system to the other, if they were to occur. Digital Dollars, Too? .
Combining Visa Direct’s real-time1 reach to bank accounts across the US, proven security, trust and valueaddedservices developed over decades will further enhance J.P. John Skinner, co-head of Treasury Services at J.P. Morgan Payments’ money movement solutions offered across client segments and business units.
APIs allow banks the opportunity to offer value-addedservices that can be relatively easy to layer on top of new real-time payment rails, leading to improved customer products and services, better access to customer data and, for the FIs themselves, the boon that comes with better visibility into cash flow.
The B2B space now sees the benefit [of real-time payments], which is not just about having the ability to do real-time liquiditymanagement or the ability to make emergency payments,” he said. “It’s It’s also about all of the value-adds it brings in. But with the U.S.
Both offer similar services, but FedNow participants can transfer funds from their Federal Reserve master account, which means they have an extra pool of resources for liquiditymanagement. RTP, on the other hand, is interoperable which allows third-party apps like Zelle to access and build products on.
This increased competition has benefited merchants by providing them with more choices and better terms for payment processing services. Real-time payments offer several advantages, including enhanced liquiditymanagement for businesses, reduced settlement risks, and improved consumer experiences.
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