Share these talks and lectures with your colleagues
Invite colleaguesPractice paper
Faster payments systems gaining speed in the USA: Expanding scope of services
Journal of Payments Strategy & Systems,
10
(4),
389-395
(2017)
Abstract
The USA has been playing ‘catch-up’ when it comes to establishing accelerated payment systems — but the wheels are beginning to turn faster. The recent introduction of same-day automated clearing house (ACH) payments was a start, but other federal government-led initiatives are also underway, setting the foundation for even faster and more efficient real-time electronic payment capabilities. For example, the Federal Reserve’s Payment Task Force has enumerated both goals and effectiveness criteria for any new real-time payment solutions. At the same time, efforts at creating real-time payments in the USA are also being influenced by regulatory standards, such as those established by the Consumer Financial Protection Bureau. In one of the most watched developments, The Clearing House’s realtime payments (RTP) platform is scheduled to go live with consumer bill payments and business-tobusiness payments pilots in the first half of 2017. Such developments hold great promise for business users, including improvements in both cash management and supply chain management.
Keywords: US payment system; faster payments; same-day ACH; real-time payments; The Clearing House; consumer protection
The full article is available to subscribers to the journal.
Author's Biography
Laura Listwan CCM, AAP, is First Vice President and Manager of the Payments Product Management team for LaSalle Bank. She is responsible for management of the ACH, Account Reconciliation, Controlled Disbursement, EDI and Wires products, including developing strategic plans, identifying new product development concepts, and marketing and delivering these products to the middle and large corporate markets served by LaSalle Bank and ABN AMRO in North America. A Certified Cash Manager (CCM) and Accredited ACH Professional (AAP), she serves as the chairperson of the Electronic Payment Network Business Committee.
Adam Kruis is Vice President, Global Treasury Management at US Bank, where he helps companies optimise cash conversion cycles by providing tailored consultations on their processes. As a financial optimisation agent and process improvement specialist with 13 years of financial services industry experience, he works with clients to streamline their processes, increase controls and reduce costs through industry expertise and emerging technologies.
