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We saw this with ACH and the advent of debit cards, both Today, a vast number of innovators are looking at ways
of which were touted to be the end of cash and checks. to fundamentally change business models based on the
Many of the same prognostications are now being made immediacy and other benefits of instant payments. When
regarding FedNow and RTP. There is no disputing that combined with other "instant" technologies like APIs, we
instant payments are poised to disrupt several industries. could be looking at a future where everyone is paid right
How deeply they impact the existing payments ecosystem when work is performed, when merchants settle payments
and where disruption will occur all depends on whether as they are made, when treasury managers are balancing
their value proposition resonates with consumers and payables and receivables in real-time, or perhaps even one
businesses. where medical payments occur in a manner that we can
all understand.
While it's possible to identify consumer and business
trends and predict the direction markets are headed, The bottom line is that instant payments are ushering in a
it's almost impossible to accurately pinpoint where an new set of possibilities and opportunities. It's essential that
innovation will take hold. The payments industry last financial institutions, businesses and service providers
experienced something like this 40 to 50 years ago with across the payments ecosystem develop plans for when
the ACH, which didn't see rapid adoption until direct they will participate in instant payments and how they
deposit came along. What that game-changing use case will best monetize the opportunity for their organizations
will be for instant payments and how quickly it will come and customers.
about is still to be determined.

Dean Nolan is the Managing Director of Commercial Payments for
What is known is that we all live in an immediate- SRM, a trusted advisory firm serving financial institutions across North
gratification society, making it a perfect fit for instant
payments. Additionally, the current commerce America and Europe. Dean is a seasoned expert specializing in building
environment is littered with legacy processes built around opportunities within the payments industry and has delivered billions
the assumption that instant payments are not possible. in revenue growth and cost savings across a diverse range of organiza-
tions. To learn more about SRM, visit www.srmcorp.com.

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