Payments Nerds

The fastest-growing use case on the RTP network is real-time pay and earned wage access (EWA). To give you an idea of how fast it is growing, from Q1 to Q2 this year, Instant Payroll grew 104%! RTP, in particular, makes it possible for wages to be instantly sent to a worker’s bank account … so they can use it just like cash, on the same day to pay bills, buy groceries, or pay emergency expenses. So what is driving this trend? And is “instant” the future for all payroll? To answer these, and other questions about EWA and instant pay, this episode pf Payments Nerds features Jeanniey Walden, Chief Innovation & Marketing Officer at DailyPay, a leading provider of on-demand pay solutions, and Doug McKinley, Head of Treasury Management Innovation within PNC Bank's Corporate & Institutional Banking group.

RTP, the nation’s newest payments rail, launched in November 2017 and is now celebrating its 5-year anniversary. RTP transaction volume continues to grow at an average of 10% each quarter, and dollar value also continues to grow at the same pace. There are over 280 banks and credit unions on the network, with more joining each week. And what is really interesting about the growth, is that it is coming from financial institutions of all sizes: more than 80% of RTP participants are from smaller FIs….under $10 billion in assets. Hear from Sarah Billings, who is senior vice president and group manager for PNC’s Payment Product, Operations and Strategy group, and Rusiru Gunasena, who is Senior Vice President, RTP Product Management and Strategy here at TCH, as they discuss the surprises RTP delivered during the past 5 years, what to expect on the RTP network as we look forward, and how real-time payments are now poised for rapid growth here in the United States.

Lithia Motors, one of the largest automobile dealers in the United States and owner of the Driveway.com used-car marketplace, recently started to send real-time payments to sellers on Driveway.com to help remove friction from the payment – which was traditionally done via check, ACH, or sometimes cash. Now, with real-time payments over the RTP® network, sellers can receive payment for their vehicle even before it leaves the driveway. The result is a smoother sales process that removes the uncertainty with slower forms of payments and gets funds to the seller immediately. Lithia and Driveway are working with US Bank to send the payments over the RTP network. Listen to George Hines, Senior Vice President, Chief Innovation & Technology Officer at Lithia Motors and Driveway.com, and Mike Jorgensen, Head of Emerging Solutions & Strategy at US Bank, describe how used car sellers are receiving real-time payments for their auto sales. Listening on a desktop & can’t see the links? Just search for Payment Nerds in your favorite podcast player.

CHIPS,  the high-value payment system from TCH is highly efficient in its use of liquidity when compared to other major payment systems around the world, and effectively serves as the liquidity savings mechanism for the entire U.S. large-value payments system. It also underscores the nature of CHIPS as an early settlement system that reduces operational risk for participants, end users, and the financial system generally, and distinguishes CHIPS as a critical element of the nation’s payments infrastructure. Here from Jamie McAndrews, an economic consultant, and he is the CEO of TNBUSA Inc., and Richard Dzina, Senior Vice President, at The Clearing House, discuss how CHIPS more efficiently uses liquidity, which is a benefit not only to the banks on the CHIPS network, but also to the entire high-value payment system in the United States.

Real-time payments over the RTP® Network are helping to solve real-life business problems every day. In this episode of Payments Nerds, our speakers discuss real-time payments for corporate cards, which are commonly used by a company’s employees for a variety of expenses including corporate travel, inventory purchases, supplier payments, booking venues for events, and much more. But what happens when those cards need to be funded, or when a card reaches its limit, but a purchase still needs to be made? That’s where real-time payments over the RTP Network come into play, say our speakers from U.S. Bank and Mediaspace. They describe how real-time payments can help a business keep clients happy, help projects stay on track, and pay suppliers and business partners instantly. In this episode hear from Rich Benson [https://www.linkedin.com/in/rsbenson], Vice President of Finance at Mediaspace Solutions [http://www.mediaspacesolutions.com/], and Dan Skaggs [https://www.linkedin.com/in/danielskaggs], Vice President, Corporate Payment & Treasury Solutions at U..S Bank [https://www.usbank.com/index.html], about how real-time payments help to keep corporate cards funded. Want to hear more episodes like this? Find us on Apple Podcasts, Stitcher, and the Payment Nerd’s website. Listening on a desktop & can’t see the links? Just search for Payment Nerds in your favorite podcast player.