"We can dramatically improve how government money moves by embracing real-time payment networks like FedNow, implementing API-driven solutions and leveraging artificial intelligence for decisioning, monitoring and fraud detection."
This article makes some very interesting observations about payments efficiency. 36 million government checks were processed last year. Imagine if all those payments were automated, and instant.
But it's not just government. Businesses and everyday citizens stand to benefit from access to instant payments.
Mastercard estimated 50% of B2B payments by value to be check.
Nearly 3 Billion commercial checks were processed in the US last year.
Digital payments - specifically the ability to make fully cleared and settled instant payments from and to every American, and every business is an enormous opportunity to change the way we do business, and transact with each other.
I'm excited that with FedNow, we get to be at the heart of enabling this national transformation and innovation.
Government payment systems are antiquated. Here's how to fix that. — American Banker
Originally published on LinkedIn.