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FASTER
PAYMENTS

Not currently scheduled.

Introduction

Faster Payments has been used to describe many payments systems over the years. Today the industry is looking at the notion of real time retail payment systems that allow consumers and businesses to pay each other 24/7/365 by moving money from one bank account to another as the definition of a “faster payment”. In this workshop, we begin with an overview of the key concepts and building blocks for these systems. We then look at some of the recent developments in domestic systems around the globe. We conclude by examining how these systems are being used across all payment domains and the overlay technologies supporting this expansion.

  • Who Attends

    Glenbrook's Payments Education Program is useful for both experienced managers, who often want to be updated on what's happening in areas outside of their immediate domain, and for newcomers, who need a broad overview of the U.S. payments systems to create a context for their work.

    Over 23,000 payments professionals have attended Glenbrook workshops. Attendees have included product, strategy and sales managers, technology operations and risk managers, investors, inventors and analysts, management teams from payments startups.

Agenda

  1. Key Concepts
  • What we mean by “Faster Payments”
  • Why are Faster Payments Gaining Traction
  • Pull models and their risk implications
  • Push models and their risk implications
  • Differences between “rails” and “rules”
  1. Faster Payments Building Blocks
  • How Faster Payments work
  • Common features across systems
  • ISO 20022 Messaging Format
  • Request to Pay (RtP)
  • Design questions in Faster Payments
  • Spotlight: Vocalink as Faster Payments operator
  1. U.S. Faster Payments Landscape
  • History of Faster Payments in U.S.
  • Federal Reserve – Faster Payments Council and FedNow
  • The Clearing House – Real-Time Payments (RTP)
  • Early Warning – Zelle
  1. Faster Payments Initiatives Around the World
  • UK Faster Payments (UK)
  • SEPA Instant Credits and TIPS (EU)
  • New Payments Platform (Australia)
  • Real-Time Rail (Canada)
  • PIX (Brazil)
  1. Faster Payments and Overlay Services
  • Overlay service fundamentals
  • Use of overlays in key domains – P2P, POS, B2B, etc.
  • Profiles of overlay services
  1. Cross-border Faster Payments
  • Global Banks
    • Citi – Interconnection of networks
  • Push to Card
  • SWIFT gpi
    • Singapore, Australia, and Thailand Proof of Concept
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