Marcia Klingensmith on LinkedIn: #instantpayments #realtimepayments #instantpaymentsmaven #thefutureisnow (2024)

Join me at the MPC Digital Commerce Event on August 14th and 15th, where we'll delve into the transformative forces shaping the future of finance. This is where industry leaders gather to share insights, spark discussions, and forge meaningful connections.I'm excited to participate in a panel exploring the sustainability of Pay by Bank as a strategy, particularly in light of the rise of instant payments like FedNow and TCH. It's a critical conversation that will shape the future of payments.Beyond my panel, the MPC agenda is packed with engaging sessions and fireside chats with industry icons like Charles Potts, Peter Tapling, APRP , J. Christopher Ward, Payments Professor "Kevin Olsen", Mark G Majeske and Peter Davey. We'll cover a wide range of topics, from the impact of ISO 20022 to the evolution of fraud prevention.Whether you're a fintech innovator, a banking professional, or simply passionate about the future of money, the MPC Digital Commerce Event offers invaluable opportunities to learn, connect, and stay ahead of the curve.Use my code MPC24MKLI for a $50 discount on registration.Register now: https://lnkd.in/eVeGg5fF#MPC24 #FutureofMoneyCommerce #PaymentsInnovation #FutureOfFinance #Fintech #Payments #FinTech #thefutureisnow #instantpaymentsmaven

27

Extraco Banks Embraces Innovation: Workshop Fuels Instant Payments StrategyExtraco Banks, a leader in customer-centric financial solutions, recently took a proactive step towards instant payments by participating in the "Instant Payments Blueprint for Success" workshop. This one-day program equipped their team with valuable insights on critical decisions for successful implementation, with focus on how instant payments can help them offer faster settlements, improved cash flow management, and a more convenient experience for their customers.Key Takeaways for Extraco Banks:* Strategic Implementation:Participants gained a clear understanding of the steps needed to integrate instant payments into their existing systems.* Customer Experience Enhancement:The workshop explored how instant payments can improve customer satisfaction and loyalty.* Identifying Customer Needs:Extraco Banks learned how to analyze customer behavior to identify areas where instant payments can address current friction points and potential customer churn.* Fraud and Cost Optimization:The program addressed strategies to mitigate fraud risks and reduce unnecessary costs associated with certain payment methods.* Streamlined Operations:Participants identified opportunities to move away from manual and high-maintenance processes.* Actionable Roadmap:Extraco Banks left the workshop with a personalized roadmap and action plan tailored to their specific systems and customer base.A Round of Applause!Huge kudos to the Extraco Banks team for their active participation: Jackie Basile, Stan Giles, CTP, Amy Mongillo, Paul Taft, CRCM, Stacie Edwards, Chrystal Keating, Libby Cain, Marisa Truelove, Krista Rosas, @Mandy Woods, Jacob Montalbo, Gina E., Zuly Del Valle, Christina Helmick, MBA. You were a highly engaged group!Special Thanks to SponsorsA special thank you to sponsors Misti Mostiller, MBA and Michelle Weaver for their support.Positive Feedback:"I almost didn't schedule the 'Instant Payments Blueprint for Success' workshop because of internal project deadlines and timing constraints. But I'm glad I did! The workshop provided a fantastic platform to explore faster payments as a team. We all came away with a much clearer understanding of how instant payments can benefit our organization and our customers. Now, we have a concrete roadmap to integrate them, and I'm confident it will be a game-changer. If you're on the fence about participating in a similar workshop, I highly recommend it. You won't regret it! Especially if you are looking to get a better picture of how instant payments aligns to your strategy, and get organizational buy-in."Extraco Banks' proactive approach to instant payments positions them as a leader in the industry, committed to delivering cutting-edge financial solutions that prioritize customer satisfaction.#thoughtleaders #instantpayments #blueprintforsuccess #rtp #fednow #instantpaymentsmaven #thefutureisnow

19

2 Comments

Having so much fun connecting with colleagues at #smarterfasterpayments conference!Caroline Serejo Cypriano, Ryan McNaughton , Michael Jackson, Lori Frederick, Dean N., Fred Aiken, MBA, PMP, Chris Jewell

61

4 Comments

This morning's "Real-Time User Experience" panel at #SmarterFasterPayments2024 was insightful! Led by Cheryl Gurz (The Clearing House), it featured experts on core RTP use cases: Stacy Rosenthal (PayPal), Rob Nardelli (DailyPay, Inc.), and Karen Nielsen (Zions Bank).Rob's story highlighted RTP's impact. We already know that 64% of Americans are living paycheck to paycheck, but he spelled out a powerful story of the mom with the new baby who is making an emergency run to the grocery store to get diapers, baby formula and frozen dinner. In queue for grocery and not having funds available to pay for them, she pulls up her @Daily Pay Application on her phone, see she has funds for her job that she would normally pay out the next Friday, clicks the button in her wallet and has the funds in her account instantly and isnow able to pay with her debit card at POS.Currently, 83% of RTP transactions are business-initiated, 17% consumer-initiated (Zelle, etc.). B2B growth is expected, with use cases including:. Car dealerships/titles. Cash concentration (ex. one business executed 23 x $1MM payments to account). Real estate transactions (loan payment, title payments, realtor payments). Property management. Utility paymentsFinancial institutions, consider opportunities to replace checks, smaller loans, and streamline internal processes with RTP.#payments2024 #instantpayments #RTP #fednow #fintech #realestate #earnedwageaccess #bankinginnovation #instantpaymentsmaven #thefutureisnow

36

2 Comments

This morning we were taken on a tour of the world of instant payments with Craig Ramsey from ACI Worldwide, Elizabeth McQuerry from Glenbrook Partners, Erika Baumann from Datos Insights and Rusiru Gunasena from The Clearing House. "Prime Time for Real-Time Global Payments Report"Key Takeaways:. Explosive Growth:Instant payment transactions reached 260B globally.. Adoption varies dramatically:Some countries (India,Brazil, Indonesia, Nigeria) see massive usage,while others (France,Mexico, South Africa) lag behind.. Barriers include:Outdated infrastructure, cost of implementation,user understanding of benefits,and competition from existing payment methods. . Success factors:Government enablement (Saudi Arabia) and addressing specific needs (cross-border for Indonesia). When modernizing the infrastructure and upgrading to ISO20022 means that when it works, it works well..Watch these regions:Saudi Arabia, Mexico. Lessons & Trends:Success hinges on cost,convenience,and clear value propositions for users.Watch out for cloud adoption,ISO20022 implementation,and innovative use cases in emerging markets.What instant payment trends are catching your eye? Let's discuss in the comments!#instantpayments #globalinstantpayments #paymentstransformation #instantpaymentsmaven #thefutureisnow

51

2 Comments

Started today’s #smarterfasterpayments session with Suneel Gupta giving us inspiration and challenged us to play “The Game of Now”. Treat buyers like builders- make customers and colleagues part of the solution - fall in love with the problem not the solution, lead with curiosity, catch people doing things right, bring the energy to the room that you want people leaving with. Practice rhythmic renewal - don’t treat rest as a reward, take breaks throughout the day to keep energy high and ideas flowing- start meetings at 5 minutes after hour to give yourself that small break 55:5 model. Experiment to find what brings you rest - meditation, walks, ukulele, etc, keep an energy diary and do more of what brings you energy . The Game of Now - you will never be “ready”, you have 100% of your life remaining, take action nowWhat dreams have you been waiting for the right moment to pursue?#payments2024 #thegameofnow #youareready #instantpaymentsmaven #thefutureisnow

32

I enjoyed the insights shared during the "Need for Speed" session at #SmarterFasterPayments2024! Huge thanks to Michelle Ziolkowski and Chris Scott from Truist and Brandon Shapiro from Bridgehaul Logistics Inc for their practical perspectives.Key Takeaways:* Customers WILL pay for faster access to funds. Think Venmo, PayPal, and the rising trend of merchants adding surcharges for credit card payments.* Design simple, intuitive payment experiences. Expect occasional errors or reversals, and build processes to handle them smoothly. (I loved Michelle's relatable Pop-Tarts story!)* APIs, ERP integration, and ISO20022's rich data hold challenges and opportunities for RTP. Chris shed light on these complexities.My Highlight: Brandon's use cases in the trucking industry were eye-opening. Real-time payments are revolutionizing how truckers manage cash flow and get paid quickly, offering options like ACH, RTP, or fuel cards. BridgeHaul's transparency model empowers drivers with choices.What is your favorite use case for instant payments?#payments2024 #instantpayments #usecases #instantlaymentsmaven #thefutureisnow

13