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Why Certainty Rules Payments

PYMNTS

He has a PayPal account, so that’s how I’ll pay him today. Or to buff up PayPal. But to remind all of us that payment innovations are only as good as the certainty those innovations deliver to their intended users. The outcome, however, using PayPal , is more certain for both the sender and the receiver.

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Faster Payments: Does The Fed Have A Hidden Agenda?

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Then came PayPal’s debut of Instant Transfer to Bank. This new feature, available to PayPal customers in good standing, leverages the company’s partnership with Chase, and Chase’s connection to The Clearing House’s RTP network, to move money instantly into the bank accounts of consumers and SMBs. See First Data and Fiserv.

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Why Amazon Bet (Almost) A Billion On Certainty

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Speaking of online, uncertainty over shopping online is what gave birth to PayPal in 1998. PayPal created certainty by getting sellers paid while making sure buyers got their stuff, while keeping buyers’ bank accounts and payment credentials secure and private. Then, buying and selling online was a sea of uncertainty.

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The Big Tech Canary In The Faster Payments Coal Mine

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FIN members include Amazon , Apple , Google , Intuit , PayPal , Stripe and Square. A payment is the embodiment of good funds to an authenticated buyer and supplier, along with the detailed data that travels with it. The letter cited what has become the all-too-familiar talking point about the state of faster payments in the U.S.

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PODCAST: Solving Instant Payments Ubiquity Problem

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And for good reason, Ingo Money CEO Drew Edwards noted in a recent conversation with Karen Webster and Ingo Executive Vice President and Chief Product Officer Lisa McFarland — instant payments present a world of interesting possibilities for creating better consumer experiences across a wide range of uses.

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The Real-Time Payments Receivables Conundrum

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There, existing rails and new flows are giving people and SMBs access to funds faster with an obvious ROI for the business. PayPal, Square and Stripe already are. Many leverage existing rails, but use tech to solve for the underwriting or fraud issues that prevent good funds from moving faster between accounts.