Remove ACH Remove Payer Remove Ubiquitous
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Convincing The Nay-Sayers Of Real-Time Payments’ Potential

PYMNTS

.” In other words, it’s not just the fact that real-time payments capabilities are faster that makes them so attractive to corporate payers. Ensuring that transaction is accurate is also a significant benefit for the corporate payer. Right now, however, the demand for real-time payments is here. ”

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When Instant Payments Are Just Payments

PYMNTS

That number is even higher (nearly 62 percent) when counting people who received an instant disbursement, like ACH , from government or other sources in 2019. And as promising as things are in the early stages, there’s work to be done before instant becomes ubiquitous. FinTechs led this charge and fueled much of the innovation.

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Taking The Temperature Of B2B Payments In Healthcare

PYMNTS

“Unlike traditional B2B areas, where the supplier and customer have agreed upon pricing, and it is the exception when the payment amount does not equal the billed amount, “ he told PYMNTS, “it is standard practice in healthcare for a provider to bill one amount only to have the payer decide to pay a completely different amount.”.

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It Takes A Village To Build An Instant-Payments Ecosystem

PYMNTS

There’s [no] couple of days or a week while one is waiting on that ACH window.”. She said the latter involves things like “slow ACH” payments to gig workers who want their money right away. economy still uses $30 trillion of checks and ACH payments per year. Frew asked.

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For Insurance, Faster Payments Means Nothing Without Data

PYMNTS

Peters noted that it is a step in the right direction for this market — a multi-trillion dollar segment of the insurance space — to embrace digital data, but emphasized that the movement of data remains separate from the movement of funds, even if healthcare providers and insurance firms adopt electronic payment rails like ACH. ”

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International Payments Group Champions Faster Cross-Border Payments

PYMNTS

Same Day ACH became a reality in 2017 after the National Automated Clearing House Association (NACHA) introduced its faster payments infrastructure to the market. In the U.S., In addition, innovators the world over are exploring how technologies like blockchain could address payments speeds and efficiency on an international level.

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Getting Payors On Board The Instant Payments Bandwagon

PYMNTS

There is no single correct road map, Edwards said, but there are guidelines useful for any interested payer. Really making instant payment ubiquitous, Edwards said, isn’t about flipping a single set of rails on, offering it up as an option and calling it a day. How do they do that? Choice: The Golden Rule of Instant . What Comes Next.