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When there isn’t ubiquity, which creates certainty, uncertainty rules. The notion of moving those funds faster between the bank accounts of those trading partners is driving a slew of innovation and investment across bank and non-bank network rails today. Certainty as a Catalyst for Change. Ubiquity, of course, is payments nirvana.
AppBrilliance , a pioneer in real-time payment solutions with its cutting-edge Money API platform, is leveraging a recent rule change by The Clearing House to expand use-cases for Real Time Payments (RTP) to closed-loop digital wallets in the US.
Take merchant acquirers who wish to expedite the posting of funds on the same day to a merchant’s bank account. Same Day ACH can give a boost to them, as well as to prepaid cards that can be loaded faster, with the assurance of having goodfunds behind them.
For any payments transaction, both sides of the transaction must agree to the rules for those transactions,” Parker said, adding that the COIN makes sure that before money is moved, the rules between those parties have been adhered to. We know when a transaction qualifies as goodfunds,” he emphasized. “We
It was a lively discussion, and it, like the conversations over the course of that day, was held under Chatham House Rules. The rules of the existing rails have been modernized too. Instead, it’s a lack of certainty that goodfunds are on the way — and when they’re expected to arrive.
And it’s why plastic cards still rule at the physical point of sale, even though there are more contactless POS terminals than ever before. In the B2B payments world, the uncertainty over when goodfunds will post to a supplier’s account has kept innovation at an impasse.
Cash flow may be king, but as that wise cartoon sage, The Wizard of ID , told us in 1964, “ he who has the gold makes the rules.”. Buyers in the B2B payments ecosystem have the gold and, therefore, can largely make the rules about when money flows out of their bank accounts and into the sellers’ accounts.
To me, given the financial stress that people who take out payday loans face, that seems like a pretty good track record. In a lot of cases where there aren’t goodfunds in the account, the bank is fronting the money for the account holder. More than two-thirds have no more than one overdraft over 18 months. And why not?
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