Why ‘Skinny’ Will Make Payments Faster

The Fluid Faster Payments Conversation

For this month’s cover story, PYMNTS interviewed Jan Estep, NACHA’s CEO, about the continuing need to foster dialogue around what faster payments really means.

Here’s a sneak peek:

“The understanding of faster payments is really increasing across the ecosystem and that is good because it means then that people can start building new services and really support end users that want to embrace the concept of moving payments from one person or one entity to another in a more timely fashion,” Estep said.

And the ACH Network provides a building block to develop these new services, as the network is a “skinny architecture,” according to Estep.

“It has a very solid foundation, and everybody has to agree to what that common, solid foundation is. But that gives you the ability to innovate on top of it,” she said.

What’s Also Inside This Month

The April edition of the PYMNTS Faster Payments Tracker covers the latest news and developments in the Faster Payments world, including notable stories around the strides being made toward streamlining and accelerating P2P and B2B transactions. One of those stories is BoA’s recent announcement that it will soon utilize Early Warning to enable P2P payments for 22 million customers who wish to send and receive payments between one another safely and in real-time. In other news, BoA’s investment banking branch, Bank of America Merrill Lynch (BAML), also made headlines recently as part of the R3 CEV blockchain consortium, where it is participating in enhancing and developing blockchain processes alongside 42 international banks. The array of banks participating in this consortium reveals that global interest in the blockchain is growing at a rapid pace and shows no signs of slowing down. Will the blockchain have a transformative influence on banking in the near future?

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To download the April edition of PYMNTS Faster Payments Tracker , powered by NACHA, click the button below.