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

In fact, in a recent insider intelligence survey, real time external transfers is among the top five most in demand US mobile banking feature.

The other use case I can think where it's very important is new account funding, especially for banks and FIs.

So think like if a consumer opens a new account,

It's largely of no use until it's funded.

And if there is a delay in funding, consumer experience is impacted and they may abandon the newly opened account.

In fact, data has shown that a sizable percentage of newly opened digital bank accounts are never funded.

So if we could find those new account instantly using RFPs from external bank account, it could retain consumers, customers for the bank and reduce new account amendments, right?

It can also help consumer for a faster onboarding experience and they could use the newly funded account for their intended purposes.

A few other use cases I could think about related to down and final payment use cases, which could also be benefited from RFPs.

Think like escrow and entitle space for security deposit collections or collecting any final closing payment for even for vacuum loans.

use cases, right?

We could make a similar argument for medical payments or charitable giving collection as well.

So in my point of view, RFP is much needed functionality for an overall success for instant payments.

Well, as a consumer, I would like to have both.

I think instant payment network in the US provide both speed and real-time payment confirmation using ISO 222 messaging in most cases.

However, if I have to choose one, I will buy this too.

have the payment certainty, it will be later than sorry, right?

I would buy that.

I think robust and standard data resolution mechanism by both FIs and network provider is essential for operational efficiency and it will also increase the customer trust in the instant payment in general.

And if you also add, for example, dispute resolution into the mix, it's very important to have a standard liability framework in place and operational for instant payment or adoption.

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