Dean Nolan
speaker
141 appearances
1 recordings
1 series
first heard Dec 2024
last heard Dec 2024
Dean Nolan’s voice in public audio — every appearance, attributed to the second.
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Off the rails from the US Faster Payments Council.
Yeah, well, hey, glad to be back myself.
Real quick, Dean Nolan from SRM.
We're a strategic advisory helping banks improve their payments profitability.
And I lead our money movement practice and spend a lot of my cycles on instant payments.
And yeah, I agree, Stephanie.
The movement to $10 million is going to be a big deal, especially in the B2B space.
It's going to open up a lot of different use cases.
And one of the things I really think it highlights is, you know, it really takes...
It helps take the value of instant payments beyond speed, which everybody really thinks about.
It really puts more of an emphasis on the 24-7, 365 nature of it.
Because businesses will now be able to move sizable transactions at times of day where they can't do it today.
And that in itself is going to make a big difference.
I also think, just more competitively, I think this really creates some clear differentiation between RTP and FedNow, given that FedNow's transaction limit is only $500,000.
But there's probably some logic to backing this up as well.
FedNow is making a lot of its headway with the smaller institutions, and many of those smaller institutions are still adjusting to the concept of real-time money movement.
And they may not have the tools available to them to support the safeguards necessary to securely process these larger size payments.
So you've really got this bifurcation of the industry happening a little bit between the two networks, which is good.
It's going to help everybody involved.
But I just think that's another point here just to highlight is the difference between the two and what that really means.
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