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Innovation Eases The Friction Of Global Payment Rails

PYMNTS

This week’s examination of the latest in payments rails innovation finds financial service providers innovating on top of existing rails to address the friction of ACH, checks and other bank transfer infrastructure. ACH Gets A Boost In The Public Sector. Invoiced Tackles The Friction of Check.

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Payments’ Role In The Fourth Industrial Revolution

PYMNTS

Despite moves toward ACH payments and card payments, Kresse reminded that the classic B2B transaction is still fraught with emails and PDFs, which often disconnect critical data from the payment. However, with real-time payment modalities, and through the messaging standard ISO 20022, data can be easily uploaded into firms’ billing systems.

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Meeting Consumer Demand With Speed-Of-Life Payments

PYMNTS

Direct deposits, push payments, eWallets, same-day ACH transfers, PayPal, Zelle and myriad other platforms and tools are now second nature. The persistence of bank wholesale lockboxes, invented in the 1950s, shows this problem has not been tackled to the same degree as payments between consumers and businesses, Diegelman said.