It’s easy to see the shortfalls and pain points of checks and ACH for consumers as first-generation payment instruments in today’s technology-driven ecosystem. These are slow and inefficient methods that ignore the customer experience. Even next day ACH requires a painful customer setup process and the sharing of sensitive data that is out of step with the ease of more modern apps. Plus, it is still limited to a batch production process that occurs only on business days.
As the Fed reimagines its settlement system, it can look to next generation technologies like push payments for the critical features beyond speed that are required by today’s consumers. This real time disbursement technology for businesses shows the premium placed on convenience, choice and confidence when issuing instant payments to consumers.
Read the complete article at moneyinc.com