12 Dec 2024 Stephany Kirkpatrick and Dean Nolan on business to business faster payments
episode
Off the Rails from the U.S. Faster Payments Council - FPC
34 min
3 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Off the rails from the US Faster Payments Council.
I am Reid Lutanen, Executive Director of the U.S. Faster Payments Council, and this is Off the Rails from the U.S. Faster Payments Council, sponsored by Open Payment Network. Today I'm talking with Stephanie Kirkpatrick, founder of Aurum, and Dean Nolan of SRM. The three of us dig in on business-to-business payments, the announcement that RTP will be increasing its dollar limit to $10 million, and some holidays traditions. So let's dig right into it.
All right, we're joined by Stephanie Kirkpatrick of Aurum and Dean Nolan of SRM. Thanks for being here, guys.
Thanks for having us. Glad to be here.
Okay, guys, you've both been on the show before, so we're going to skip past some of the higher level stuff we sometimes cover. If anyone wants to get more background, we will link to your previous episodes in our show notes. But for today, let's start with some big news that came out last week from The Clearinghouse, which I think helps provide a really good frame for for our discussion on business to business payments. So let's start with both of your reactions to the clearinghouse announcement that beginning in February of next year, the limit for RTP transactions is going to increase from a million dollars to $10 million. So how about Stephanie, why don't you lead us off and then Dean, you can hop in.
Sounds good. Well, first of all, it's exciting to be back on the show. Thanks for having me again, Reid. For those listening, I'm Stephanie Kirkpatrick. I'm the founder and CEO of Aurum. We transform payment technology for businesses, and we're very focused on revolutionizing payment speed, certainty, and orchestration. So this news from the clearinghouse last week couldn't be more exciting from my perspective because I think up until now, while there's been a lot of speculation about the potential for RTP to replace things like wires or high value transfers, the million dollar individual transaction limit has been a limiting factor. And so the killer use cases so far for things like faster payments where you're solving time to money have always centered around things like either consumer disbursements or in many cases, wage payouts.
So this is a pretty pivotal moment, I would say, and I know Dean's going to speculate too, in looking ahead at 2025 and beyond and really truly seeing the network effects take place of being able to do many different kinds of business transactions. across real estate, title, gosh, in the supply chain, right? Even just basic treasury management looks really different when there's not a back office room of folks doing wires, and instead you can optimize and programmatically do instant payments. I think we're at a really big inflection point for the network.
Dean, what do you think?
Yeah, well, hey, glad to be back myself. Real quick, Dean Nolan from SRM. We're a strategic advisory helping banks improve their payments profitability. And I lead our money movement practice and spend a lot of my cycles on instant payments. And yeah, I agree, Stephanie. The movement to $10 million is going to be a big deal, especially in the B2B space. It's going to open up a lot of different use cases. And one of the things I really think it highlights is, you know, it really takes... It helps take the value of instant payments beyond speed, which everybody really thinks about. It really puts more of an emphasis on the 24-7, 365 nature of it. Because businesses will now be able to move sizable transactions at times of day where they can't do it today.
And that in itself is going to make a big difference. I also think, just more competitively, I think this really creates some clear differentiation between RTP and FedNow, given that FedNow's transaction limit is only $500,000. But there's probably some logic to backing this up as well. FedNow is making a lot of its headway with the smaller institutions, and many of those smaller institutions are still adjusting to the concept of real-time money movement. And they may not have the tools available to them to support the safeguards necessary to securely process these larger size payments.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:05–8:49
2
What was announced about The Clearinghouse RTP limit and why does it matter?
8:49–10:31
3
How do experts react to increasing RTP transaction limits from $1M to $10M?
10:31–27:04
4
Which B2B use cases are unlocked by a $10M RTP limit (commercial real estate, payroll, reinsurance)?
27:04–34:13
Speakers
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30 July 2026 Podcast Erik Van Bramer from Federal Reserve Financial Services
16 July 2026 Callum Godwin of CMSPI on faster payments for merchants