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As a result, he predicted that the entrenchment of faster payments will be a linear progression that moves from consumer-to-consumer (C2C) to consumer-to-business (C2B), then to business-to-consumer (B2C) to business-to-business (B2B). Yet, Kresse pointed out that, ultimately, individual consumer behavior drives changes in business behavior.
First, there was the Fed’s decision to slow faster payments progress via SameDayACH because it wasn’t ready to approve another processing window during the day. SameDayACH and the card rails – both of which allow for money to move fast into consumer and business bank accounts for every consumer with a debit product.
Federal Reserve made its own progress in exploring how the nation’s regulatory environment can support faster payments progress while maintaining security, while NACHA offered up some new data on same-dayACH volume growth in the country. billion in funds transferred usingSameDayACH, an average of $650 per transaction.
Direct deposits, push payments, eWallets, same-dayACH transfers, PayPal, Zelle and myriad other platforms and tools are now second nature. The usecases for digital payments are also evolving. The digital economy is here and, for many consumers, it has become a way of life. In other words, it’s seen some stuff.
And with multiple solutions facing the industry to enable this new capability: SameDayACH will begin its Phase One rollout this fall. Early Warning, which bought clearXchange , is expanding its banking network to enable real-time solutions between banks for B2B, B2C, C2B and C2C solutions. Here in the U.S.,
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