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In the previous episode of NACHA’s Countdown to Same Day ACH podcast series, NACHA President and CEO Jan Estep identified the overlaps, complements and implications of all the initiatives under the faster payments umbrella — namely, real-time payments, Same Day ACH and blockchain. Innovation On Old Initiatives.
The Federal Reserve is pushing for adoption of the ISO 20022 global paymentsmessaging standard, a move industry analysts say could streamline B2B payments, especially cross-border. Reports said NACHA has created a working group to explore the decision, however.
In this month’s Faster Payments Tracker™ , powered by NACHA, payment providers, in efforts to keep up with modern behavior, are looking for new ways to streamline and quicken financial processing. There are a lot of non-paymentmessaging capabilities that we think will provide tremendous opportunity for innovation.”.
With faster payments functionality beginning to take off in the U.S., the outlook of how accelerated transaction times might impact B2B payments and, more specifically, the issue of late payments to suppliers, remains unclear. “We see faster payments coming into the U.S. As Rimilia expands into the U.S.,
There are a lot of non-paymentmessaging capabilities that we think will provide tremendous opportunity for innovation.”. And the “delivering value” piece is not to be underestimated in the pursuit of ubiquity.
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