Short Blog.
New technology rarely disrupts industries overnight. Instead, it is first used by existing players in established markets to gain a competitive edge. On-chain finance is no different. While decentralized finance (DeFi) and public blockchains promise a future of open financial networks, the immediate growth will come from closed, permissioned ledgers operated by financial institutions.
Continue readingUS Payment Infrastructure is in the midst of completing a major renovation.
Let me preempt the #1 question most of you are about to ask “are card volumes at risk”? Nope, why on earth would banks want to walk away from the most profitable retail banking product in the history of man (see Future of Retail Banking)!?
US Focused Blog
Last week I wrote about 3 banks live with TCH RfP, today’s blog covers
Big congrats to TCH, and the 3 banks live with RfP. This is a major accomplishment. As I’ve written RfP is the most important transaction set for RTP.
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To get a view of what this looks like see this consumer support page from
New consumer terms rolled out at several banks this week. As the former head of online and payment services at Wachvoai (40%+ of Wells) I had managed these agreements. Changes are a very big deal, usually less than once per year. Given my history with Wachovia I chose to review the Wells Fargo below agreement (JPM, BAC, and COF all have similar).
https://www.wellsfargo.com/online-banking/online-access-agreement/
Continue reading15 pages (summary is 4)
Follow blog from Payment Authorization – Under the Hood (ie working on a car engine), Trust Assertions – Identity will Define the Future of Payments and Role of Identity and Trust in eCommerce.
Today’s blog is one of my personal favorites, not only because of the topic but because of the leading experts in retail, identity, networks, and payments that collaborated and provided editing (thanks all). While I’m no longer the tech expert, I do have a unique view on the “inside baseball” incentives and realities of what is actually happening (behind the rules). Payments are not like a brand-new Ferrari operating to spec, they are a very messy business with complex rules, worn-out systems, unresponsive drivers and a broke racing team with no sponsor. This is a get-your-hands-dirty blog. Note that I’m open to feedback in case I’ve missed something
Outline
Bill Pay in the US
Given that Bill Pay is a RTP/FedNow opportunity I thought I’d provide an update into the chaos that is US Bill Pay.
Continue readingShort Blog – Follow Up to Last Week’s FedNow Update
I’ve got 4 blogs in queue with Part 5 – Future of Retail Banking coming next week. I’ve been asked to expand beyond my pro-network bent into areas like FedNow, PayPal, Stripe and Asia… etc and I will oblige. For today, drilling down on FedNow’s opportunity and the key barriers for “break out growth” (expanding on the last 2 bullets within 22 Feb FedNow blog). Feedback appreciated.
My last blog on topic was less than a month ago Real Time Payments in US – Strategic Shifts (Jan 2023), and also FedNow (Dec 2021). Will thus keep this blog to summary bullets.