Donna Blum
speaker
135 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Donna Blum’s voice in public audio — every appearance, attributed to the second.
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Appearances
In fact, to date, there are still many end users who relied on Synapse to manage their funds that still are unable to access their money.
And as you can imagine, there's been several lawsuits
over that as well.
But really, it kind of is a cautionary tale for the industry.
It showcases the deed for transparent, detailed, real-time transaction level reconciliation.
Like I said, if Synapse had had an effective and reliable reconciliation process in place, the banks would have known exactly who they were holding the money for and exactly how much.
And also, the banks likely could have even gone into the system, for example, a multi-tenant system, to be able to manage their own transaction information and see in real time the funds that they were holding.
Yes.
So as financial institutions increasingly adopt instant payments and essentially SEND capabilities to meet the customer demands for speed and convenience,
it's going to be really important that they have a robust real-time reconciliation practice for outgoing funds.
So in this section, in particular, it addresses the importance of real-time reconciliation to ensure that outgoing transactions are accurately tracked, balanced, and are compliant with regulations as they happen.
The objective of this section is really to ensure
that organizations know how to best ensure accuracy and maintain speed and efficiency and provide that transparency into the financial movements while also adhering to the regulatory requirements.
So there's some really good and practical information in this section about best practices for financial institutions to ensure that they are reconciling those outgoing funds in real time.
Yeah, I'm definitely going to buy on that one too.
I think a standard approach to dispute resolution could definitely help catalyze the adoption of instant payments.
One of the biggest hurdles for widespread adoption is the perception of risk.
Consumers, businesses, and even financial institutions are often hesitant to fully embrace instant payments without clear protections in place.
And so having a standard dispute resolution process in place would certainly waylay a lot of those fears.
With transactions settling in real time, obviously there's little room for error.
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