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volume 8 • fall 2015
that want to attract and retain customers, Driscoll believes rev- enue opportunities lie on the commercial side, especially when FIs can offer value-added solutions. “Real-time becomes much
more powerful when you can build interesting applications on top of it,” she notes. “We can solve so many problems for businesses.”
For example, she says real-time payments can transform payroll
by enabling small businesses to hold onto capital until payments are necessary. In the case of the on-demand economy, this means workers are paid immediately after completing a job. Add- itionally, in the construction industry, where there are several moving parts, like subcontractors that need to be paid and delivery invoices that need to be settled, real-time frees up funds for rein- vestment in additional projects, Driscoll explains. “Real-time isn’t
just about speed,” she maintains. “It’s fraud and risk decisioning and the availability of good funds, which results in econo- mic advancement.”
“A real-time payments system gives us an opportunity to rethink and evolve our business models as banks,” concludes BofAML’s Henry. “You can look at it as a threat to traditional banking or a great opportunity. We’re looking at it
as a great opportunity.”
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