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

However, with EWS or TCHRTP network already here for a few years now, and the newer, the federal itself, FedNow, faster payment services being expanding, I see a lot, I see a burst of faster payment use cases evolving in the U.S., and adoption is picking industry-wise, so I will cautiously buy this.

While MFA or multi-factor authentication is important, I would not call it as a silver bullet.

I think multi-factor authentication is widely available and understood to implement compared to a few of the other needed services, for example, directory services, RFPs, dispute and liability standard framework, etc.

So while it's important, I would not call it a silver bullet.

Yeah, this one is interesting.

While RFPs may be subjected to fraud risk, and I think there is a need to have a robust fraud tools and liability framework for RFPs.

However, I would argue that RFPs more as a fraud prevention tool.

For example, unlike ACH Derek Davids, it requires explicit approval from the debtor account owner.

Hence,

eliminating unauthorized debit returns and fraud risk involving potential claims from the funding institution that customer didn't authorize the debit.

So I see RIP more as a fraud prevention tool.

Well, I'm fortunate to live in Southern California region with easy access to beach, desert, mountains.

My favorite place to camp generally involved next to the Pacific Ocean, overlooking the bluffs, beautiful sunsets, and sleeping with ocean sounds.

I think faster payment infrastructure is almost there in the U.S.

And we and industry just need to focus on the use cases expense and execution to bring the instant payment ubiquity that industry and our customer needs.

So, you know, execution would be my resolution for this year.

Yeah, that's a good one.

I hope and predict that 2025 will be the year of the RFPs.

I expect a lot of new FIs, banks, merchants, builders, adopting RFPs in the near future to take the RFP reach beyond 40% of consumer accounts, which is kind of like doubling the current reach and obviously associated volume.

as I believe that RFP unlocks many of the important use cases we discussed in this talk.

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