People nowadays have high expectations for fast and convenient services. That does not exclude employers. In this episode of Payments Nerds, I speak with Eric Wade, product manager at Paychex. We discuss how Paychex is able to offer real-time, on-demand payroll and payment corrections.

Plus, we talk about:

• How the gig economy has altered our expectations for payroll.
• How companies are competing against employers like Walmart and Uber in terms of on-demand payment.
• Why employees and employers expect instant payroll corrections.

Faster payments mean faster fraud. With the speed of fraud, organizations need to be able to roll out a new fraud model on demand several times a year. On this episode, I interview Allegra Angus, Product Manager at NICE Actimize, about financial crime prevention.

What we talked about:

• The many ways that fraud is faster today.
• The vulnerabilities of banks and credit unions.
• The strategic importance of fraud and risk management Integrated data sources and model optimization.

Everybody wants safer and faster bill payment options.  Now, the new Real-Time Payments^® system from The Clearing House gives all financial institutions the ability to offer enhanced digital payments innovation to their customers. To talk about the current state of bill pay and the future of RTP® is payment innovator, futurist, and strategist, Peter Davey.

He discusses:

• The relationships between bank, biller, and bill payer.
• The benefits of Real-Time Payments
• The future of bill pay.

There are roughly 40 countries around the world that already have real-time payments systems. These range widely in terms of their design and the degree of economic development of those countries.

In this episode guest Leo Lipis, Managing Director at Lipis Advisors, walks us through the ways in which RTP^® in the U.S. is both similar and different from its global cousins.

Over the past few years, there’s been a concerted effort to bring faster payments to fruition.
Why is this now becoming real as opposed to when the industry has tried in the past?

The answer is simple: survival. In this episode Carl Slabicki, Director, Product Line Manager at BNY Mellon, shares more.

“We look at moving to Real-Time Payments^® as a strategic imperative.”

So says today’s guest: Mary Alice Liotta, SVP, Director, Operations at ESL Federal Credit Union — and for good reason. ESL has seen a number of exciting efficiencies in their payments arrive recently, both on the customer and the internal side.

In this episode, Mary Alice talks about how ESL’s whole team embraced RTP^® as well as some of the most exciting changes happening in their organization as a result.

Instant gratification in payments is not asking too much. It’s simply what people expect.
So why does the US lag behind when it comes to real-time payment solutions?

In this episode, we interview Steve Ledford, SVP of Products & Strategy at The Clearing House, who gives his thoughts on the development process of the RTP^® network — a real-time payments solution, including:

• Why meeting customer demands is central to innovation
• How technology has enabled real-time settlement
• Whether companies should wait for the feds to use RTP

What’s the surprising trigger that’s prompting financial institutions to initialize faster payments on the RTP^® network? Robert Mancini, Services Executive & Payments Evangelist at Finastra, has the surprising answer.

Demographics.

Banks know they need to transform themselves. For a long time they have depended on great customer service to differentiate from their competitors. But the Baby Boomer employees who embodied that customer service model are retiring in droves, and are hard to replace.

Young adults coming out of college are not interested in those jobs. So these banks have to find a new way to set themselves apart to meet the needs and expectations of their customers and wow them.

If you’re a payments nerd, you know that unfortunately, today most payment data is more big data than smart data.

What makes smart data? For many financial institutions, real-time payments (RTP^®) are the key to opening the door to vast amounts of smart data that they can use to create a whole new suite of services. By allowing RTP, financial institutions open up their architecture, according to recently interviewed Keith Riddle, President & CEO of Sherpa Technologies, a CUSO that helps credit unions transform their digital infrastructure and offerings.

Did you hear about the new payments system? Will the latest policy change help or hurt folks using payment systems? You’ll get answers to these questions and more in our new Payments Nerds podcast. We at The Clearing House are experts in payments.

The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and the RTP® network. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to banks and credit unions.

The payments space has never been this dynamic. There are new products, new technologies, and new policies that will disrupt the old order in ways that you need to understand.

You will hear people with some really interesting perspectives on all things payments. We want this show to be a repository of very stimulating conversations for payments nerds.

If you want to be a guest or know someone who should be a guest on the podcast, please reach out to Melissa Luther, Marketing Director, The Clearing House.