Raman Kumar

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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

For example, there is no active directory services available.

So customer may not necessarily know or wants to share their bank account and routing numbers with the biller.

It's much easier to remember or share, for example, mobile phone number or email as a token.

The other network enhancement I think is very important for bill pay is availability of auto pay or recurring instant bill payment functionality, which allows consumers to pay their bills by pre-authorizing RFPs in an initial setup itself and not worry about approving each future recurring bill payment, for example, coming from their utility provider.

And I know that FPC is doing their bit to address both of these issues by having an entire workgroup devoted to these functionality gaps that exist in the industry.

Lastly, I would also add that RFP is a new kind of bill payment method, and there is a need to have a consistent user experience industry-wide.

And both billers and customers need to be aware of how RFP works.

there is a need to provide RFP education and awareness.

For some reason, instant payment networks like ECH and FedNow has largely left this job to the FIs.

And in my point of view, FIs needs to do better to promote RFP use cases like Bell Pay.

However, I'm hopeful that instant Bell Pay use case will be widely adopted in near future

In fact, if you think about banks or FIs, they are themselves one of the largest billers for their credit card or mortgage and loan payments collection.

And I'm hopeful that use cases like bank as a biller will be adopted sooner than later.

Right.

So as you may know, unlike ACS David's, instant payment network do not allow full funds automatically because they require customer consent for sending payment or the credit transfer.

So whenever we have the consumer use cases which requires to pull funds, one needs to send the RAPs and have the consumer approve the RAP to get the money to the originally requested party.

um so other than bill pay i see a lot of important use cases evolving um so for example e2a transfers right um typical use case could be adding money from an external fis or bank account by sending rfps so think like bank to bank transfers or bank to brokerage transfers

If I need to buy that AMD share, which is still 52 weeks low, I need the money in my brokerage account now before it's too late, right?

So if broker and dealer or my brokerage company can send an RFP on my behalf to my bank account, I can approve the RFP and get the brokerage deposit in real time to make that trade possible now, right?

Similarly for bank to wallet funding use cases using RFP.

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