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Are Banks Prepared for the American Payments Revolution?

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TLDR: In this episode of The Paytech Show, Chetan Cariappa, Director of Strategic Accounts at Volante Technologies, and Bethann Johnston, MD of Global Transaction Services at Bank of America, discuss the American payments revolution and the impact of real-time payments. Cariappa highlights the potential revenues associated with embracing real-time payments, while Johnston discusses the ongoing shift from paper to digital. They also touch on modernization opportunities in healthcare payments and the benefits and challenges of ISO 20022.

Article: This article is a summary of an episode of The Paytech Show, where Chetan Cariappa from Volante Technologies and Bethann Johnston from Bank of America discuss the American payments revolution and the impact of real-time payments. The conversation starts with Cariappa shedding light on the potential revenues associated with embracing real-time payments, highlighting the need for banks to adapt to these changes in order to remain competitive. Johnston adds that the ongoing shift from paper to digital payments is a crucial aspect of this revolution, as customers increasingly prefer the convenience and speed of digital transactions.

The discussion then moves to Volante’s role in the global fintech industry and their contributions to real-time payments, including being the first to send one such payment in the U.S. The speakers emphasize the importance of collaboration and partnerships between fintech companies and traditional banks to drive innovation and create better payment solutions for customers.

Johnston also outlines how Bank of America assists clients in navigating these changes, helping them adopt real-time payments at their own pace. She mentions the need for flexibility and customization in payment services to cater to different customer needs and preferences. The speakers stress the importance of providing a seamless and secure payment experience, while also ensuring regulatory compliance.

The conversation then shifts to the opportunities for modernization in healthcare payments, where real-time payments can bring significant benefits in terms of efficiency and cost savings. They discuss the challenges in implementing these changes, including the need for collaboration between different stakeholders in the healthcare industry.

The episode concludes with a discussion on the benefits and challenges of ISO 20022, a standard for financial messaging that aims to provide greater transparency, fraud protection, and efficiency. While acknowledging the complexity and cost of implementing ISO 20022, the speakers believe that it holds great potential for improving the overall payment experience and contributing to the ongoing payments revolution.

Overall, the episode highlights the importance of embracing real-time payments and digital transformation in the American banking industry. The speakers emphasize the need for collaboration, flexibility, and innovation to meet the changing demands of customers and stay ahead in the competitive payments landscape.

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