What do track and field stars, NASCAR drivers and millions of businesses owners around the United States have in common? They all have an appreciation for speed.
While more speed may mean more endorsement money for athletes, it means faster settlements and more efficient business for commercial banking customers.
With a growth in demand, banks and FinTechs are working to give business owners the speed they need. Faster payments recently made their American debut, with The Clearing House (TCH) instituting the inaugural transaction on the first new payments and clearing system in the U.S. in more than four decades.
In a recent interview with PYMNTS, Chris Ward, executive vice president and head of product management for PNC Financial Services Group — one of the first banks to offer real-time payments to personal and business banking customers alike — said he believes the technology could be a game-changer in the U.S. PNC recently rolled out real-time payments to customers via TCH’s new Real-Time Payments (RTP) network and the Finastra Fusion Payments payments services hub.
“Real-time payments enables PNC to bring a new, leading-edge solution to market as the economy becomes increasingly digital,” Ward said. “The ability to make an immediate payment at any time, on any day of the week [and] with a real-time confirmation of the payment — [that] significantly transforms the way businesses and consumers make payments in the United States.”
While faster payments are sometimes perceived as riskier than their older, slower predecessors, Ward noted that they can actually be safer, if paired with the right tools and technology.
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