Page 1 - GS190502

May 27, 2019 • Issue 19:05:02

Faster payments

landscape emerging

spend building their own interfaces to each. "The benefit of
a turnkey solution like this is that [institutions] can easily
integrate with new networks" as they emerge, Gunasena
said.

Zelle is a mobile person-to-person (P2P) payment network
operated by Early Warning Services LLC, a consortium of
many of the nation's largest banks. It has emerged as the
banking industry's response to Venmo, the mobile payment
network owned by PayPal. But it's still gearing up. Only
about two dozen banks are active on Zelle. According to
Early Warning, 147 million transactions valued at $39
billion were sent through the network during the first
quarter of 2019.
By Patti Murphy RTP is a real-time payment network operated by The
Clearing House, which is owned by two dozen of the
n today's always-on economy, faster is better. So it nation's largest banks, including many of the owners of
should come as no surprise that financial institutions Early Warning. RTP was launched in late 2017; currently
and their technology partners are ramping up initia-
I tives to support faster payments. Demand for faster about half of TCH's owner banks are live on the network.
TCH hasn't released transaction tallies. It has said that RTP
payments is coming from all directions and is being driven is designed to handle both business-to-business and P2P
by several use cases. payments.
"Demand is coming from both consumers and businesses," Faster can mean different things
said Rusiru Gunasena, senior director, JHA PayCenter,
who noted demand is not yet overwhelming. "We're still Faster payments can mean different things in differing
in the early stages," he added. PayCenter is a proprietary circumstances. For P2P payments, a mobile network like
payments hub developed by Jack Henry & Associates, a Zelle or Venmo can seem fast, as recipients see funds
leading provider of core processing services to community
banks and credit unions. PayCenter serves as a conduit
that seamlessly connects banks and credit unions using
Jack Henry core processing systems to faster payment Contributed articles inside by:
networks.

"Everything seems to be coming together for real-time Dee and Emily Karawadra .................................................................32
payments," said John Leekley, founder and CEO of Hawkins Siemon ...................................................................................36
RemoteDepositCapture.com. "It's more feasible now than Peter Shenk .............................................................................................37
it's ever been." Today, much of the banking industry has Sam Schapiro .........................................................................................39
been focused on two faster payments initiatives: RTP and
Zelle. Hubs like PayCenter are designed as single points TOC on page 3
of entry to these or any other faster payments schemes,
eliminating most of the time and expense banks would

Continued on page 30