Real-time payments: why companies are slow to adopt them

Transcription:


Chana Schoenberger (00:11):

So what can you tell me about real-time payments? There's FedNow, there's RTP, there are a number of these instant payment options that have come up recently. Are you seeing them in your space?

Molly Hugar (00:20):

You know what? We are seeing them at the bank and it is again a focus of the bank and more in the retail space. So those consumer to consumer transactions and even the business direct to consumer transactions, which we have a handful of in the middle market space. But for the most part, when you really are still working with that B2B group, we're not looking at real-time payments as a highly talked about discussion topic because I think that real-time need is still being satisfied by wires and it doesn't come up as frequently. However, I can think of one example of a customer we have. They actually are a very large distributor of kitchen products and they have salespeople that go around the country and they're actually looking to pay their employee base on a real-time basis because they do turn over so quickly and they have that transient employee base that it would eliminate them having to collect all the bank account information and that might change.

(01:21):

And so for example, we have a tool called Ingo internally where it really empowers you to do that push payment and have the recipient choose the type of payment in real time, how they want to receive and the onus is back on them. So that's a creative way that we've brought forward for large corporate businesses that do have that unique either business to customer payment need or a different use case. Insurance actually is one of them to help do any kind of claims payments to their customers. So that's another use case that we've seen for that Ingo product. But for the most part, when we talk about real-time payments, it's still in that consumer base right now.

Chana Schoenberger (02:04):

Great, great. Okay.