Truth About Faster Payments
Wednesday, May 18, 2022
The need to innovate is central to the success of faster payments. A modern, open payments system provides opportunities to develop creative overlay services on top of the faster payment rails, built along modern open banking standards, ISO messaging and API-based services. Services such as request to pay, account aliases, P2P, payee confirmation and payments at POS enable new use cases we’re hearing about: bill pay, directory services, disbursement, wallet top-up, on-demand payroll, enablement of quicker shipments, merchant settlement, cash concentration, car dealerships, and title companies.
With special thanks to our annual sponsor:
Reed Luhtanen is executive director of the U.S. Faster Payments Council (FPC). He has extensive experience in the payments industry and has served on a myriad of industry bodies, most recently an officer on the FPC Board of Directors and the Corporate Advisory Group for The Clearing House’s Real-Time Payments System. Prior to joining the FPC, he spent 15 years at Walmart, departing as senior director of global treasury.
VP, Federal Reserve Bank of Boston
Senior Solutions Architect, Jack Henry & Associates
SVP, RTP Product Development and Strategy, The Clearing House
Mr. Colassano is product executive for the Real Time Payment product at The Clearing House. He has accountability for the TCH owner bank relationships with the RTP program (onboarding, business strategy, applications and use case development), and works with these banks on opportunities/applications across all business & consumer use cases. He also has responsibility for corporate outreach on RTP and product expansion activities across TCH. Prior to TCH, Jim spent 10 years with HSBC and 15 with JPMorgan Chase in a variety of senior cash and treasury management roles. He holds Masters Degrees in Banking and Finance from Pace University.
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