Raman Kumar

speaker

102 appearances 1 recordings 1 series first heard Jan 2025 last heard Jan 2025

Raman Kumar’s voice in public audio — every appearance, attributed to the second.

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Off the Rails from the U.S. Faster Payments Council - FPC · 16 January 2025 Raman Kumar of U.S. Bank on faster payments consumer use cases · 16 Jan 2025 podcast

Hey, great to be with you.

Thanks for the invite.

Yeah, so I belong to Consumer and Small Business District Group at US Bank, where I lead emerging payments products involving real-time payments and request for payments applications across various instant payment networks such as TCHRTP and FITNOW.

No, it does not.

While as a consumer, one love to receive instant deposit via receive, at the same time, it's equally important to be able to send instant payments.

In many consumer use cases, for example, in A2A transfers and Bell Pay, we have seen that when consumer is able to send

and instant payment or transfers versus a standard ACH or paper check payments, consumer satisfaction and engagement increase substantially.

Take an example of bill pay.

If one is able to send an instant bill pay anytime 24 by seven, one has more control of their bill payment.

Perhaps they can

pay at the last moment and still able to get instant confirmation of bill payment and not worry about whether their payment reached to the biller or worry about any late phase.

Even for bill representment, we need merchant and biller ability to send RFP to consumer to view and then have them send payment via credit transfer.

In my point of view, self-capability and experience is essential for consuming self-payment.

Yeah, right.

And instead, bill payment use cases are very near and dear to me since we implemented this couple of years back.

So instead, bill payment adoption requires RFP send and receive capabilities.

And unfortunately, as of now, there are only handfuls of FIs in the US having RFP presentment to their consumers.

I guess many FIs are holding their RFP investment awaiting a significant merchant or biller interest while merchants and billers are waiting for mass RFP adoption by the bank.

So to me, it's more like a cash 22 or a chicken and egg situation.

In addition, I think there are a few shortfalls in the instant payment functionality for bill pay.

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