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One of the stumbling blocks has been getting the attention span of the large core banking service providers that serve those small FIs. This pilot program uses routed requests for payment using a Zelle social alias or traditional account information to make bill payments sent, settled, posted and confirmed in real time.
Even before the hacking was publicly reported, the Fed reportedly blocked $850 million in transactions (30 transactions) because they lacked the necessary credentials. The government officials said whoever used the SWIFT transfer codes had the codes necessary to put in the request for payments during a weekend. But after that?
As the speed of transacting accelerates and the flow of data is enhanced as part of real-time payments, Riddle said this creates new opportunities for financial institutions to offer a more natural and intuitive experience for their customers using voice and visuals. It’s a building block that allows people to engage.
One of the largest concerns regarding real-time payments is for the banks to be able to identify and mitigate a fraudulent transaction that is settled far more quickly than even same-day ACH payments today. They can take the best of breed and incorporate new features like request for payment, which opens up even more use cases.”
The government officials said whoever used the SWIFT transfer codes had the codes necessary to put in the request for payments during a weekend. This was, of course, because the money was being requested into personal accounts and to the Philippines, nonetheless. But then again, there was also the typo.
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