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Nothing brings money to top of mind like tax season — and taxrefunds and stimulus payments , doled out in the wake of a pandemic known as the coronavirus. The trillions of dollars in stimulus funding and taxrefunds being extended to families, individuals and businesses is coming — but slowly. Taxrefunds?
These efforts include TCH’s efforts to connect financial institutions’ (FIs’) core banking systems to the company’s Real-Time Payments (RTP) network, along with what card networks and FinTechs are doing to enable real-time push payments to receiver bank accounts. Real time is getting ever closer to prime time.
Ninety percent of the $10 trillion “push” payments market opportunity is concentrated in a variety of disbursements made between businesses and consumers that today rely on cash, checks and ACH to move money between those parties. including payments to non-Visa branded debit cards as well. Cecelia Frew, SVP of Visa Direct U.S.
Connecting these two dots suggests a few important things that, for banks and card networks, might be the 2020 hindsight that could have come in handy had they stopped to look backwards a few years ago: That the Fed has much more than a passing interest in how faster payments are run in the U.S. A Couple of Important Dots.
Sending money between people, and from businesses and governments to people, got a whole lot more exciting this week – as in real time and ubiquitous. Consumers always have their debit card handy and and can provide that number to a sender – knowing that if something goes wrong they are protected. Disbursements.
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