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vertical opportunities
processor Fiserv spotlight
Acting NOW to Deliver Faster Payments
VieWpoint
By Matt Wilcox, Fiserv
When it comes to faster pay- ments, the U.S. has reached a tipping point. Mobile cap- abilities and other tech advances are changing the payment process and fueling consumer demand for real-time payments. In its January report, “Strategies for Improving the U.S. Payment System,” the Federal Reserve outlined next steps for enabling faster payments, including the importance of collaboration.
Fiserv is moving boldly to make real-time payments a reality, while staying mindful of the need for collaboration. The NOW Network, which we introduced in 2014, em- bodies collaboration via connection. The network not only connects every- one people want to pay—from other people to businesses—it also connects other networks to speed
up payments. Through connections with STAR and PULSE networks for our Popmoney P2P service, we’re enabling real-time P2P payments for financial institution members
of those networks. We’ll continue
to pursue connections with other strategic networks to help more businesses and consumers connect.
Payments On-Demand
Collaboration via connection will drive system changes to enable real-time payments. Just as ATM networks developed independently before ultimately connecting to better serve consumers, payments stakeholders must come together to improve the payment system
and facilitate faster payments. The NOW Network eliminates redundant backend systems by combining electronic endpoints and routing capabilities. With our bill payment, P2P and transfer capabilities as well as the scale and assets to build out the speed and intelligence to buttress a smart network, Fiserv is uniquely positioned to bring this new approach to market. Our goal is to enable the financial services industry to provide meaningfully differentiated value to customers.
Consumers want to manage
and move money when they want. A 2014 McKinsey study commis- sioned by the Federal Reserve Banks found 70 percent of con- sumers prefer instant or one-hour payments—and are willing to pay for them. The NOW Network will provide real-time money movement capabilities for P2P payments,
bill pay and account-to-account transfers. As the network evolves, consumers will be able to move and manage money at the time they choose—instantly, same-day, next-day or on a future date.
Fueled by 24/7 mobile capabilities, demand for faster payments only will accelerate. Next-generation payments will be defined by speed, and consumers and other payment stakeholders also will demand the highest levels of security, conve- nience, scalability and efficiency. Fiserv intends to deliver a new payment experience through the NOW Network—one that enables mass adoption of real-time pay- ments—while pursuing collabora- tion in the best interest of the industry and consumers.
When people, their money and those they pay are all connected, the payments experience becomes profoundly simple—consumers should only need to know who, how much and how fast they want the money to move. It’s time to work together to deliver payments as quickly as people want them.
Matt Wilcox is senior vice president, marketing strategy and innovation at Fiserv. He can be reached at matthew.wilcox@fiserv.com.
In Viewpoints, prepaid and emerging payments professionals share their perspectives on the industry. Paybefore endeavors to present many points of view
to offer readers new insights and information. The opinions expressed in Viewpoints are
not necessarily those of Paybefore.
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