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One way around that — and to help pave the way for even more digital payments, especially in the B2B world , where paper still has a commanding role — is to offer reassurances, which often boil down to authentication and verification, and doing so in real time. In short, the technology provides evidence of goodfunds to support a transaction.
In the company’s research, three data sets were constructed to test the veracity of online and social media data as a means of authentication: Real Data — The control group, consisting of 10,000 real U.S. consumers who were identified using names, addresses, phone numbers and dates of birth (DOB).
A payment is the embodiment of goodfunds to an authenticated buyer and supplier, along with the detailed data that travels with it. But as longtime readers of PYMNTS and of my columns know well, faster is only one piece of the overall value of making or receiving a payment.
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