16 January 2025 Raman Kumar of U.S. Bank on faster payments consumer use cases
episode
Off the Rails from the U.S. Faster Payments Council - FPC
23 min
2 speakers
3 chapters
transcribed 1 month ago
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What is the main topic discussed in this episode?
I'm 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 Raman Kumar of U.S. Bank. Raman and I talk about consumer use cases, requests for payment, and camping in California. No headlines this time, but we will have a ton of updates and looking forward to the 2025 year in terms of FPC planning on our second episode of January, so let's get right into it.
All right. We're joined by Raman Kumar from U.S. Bank. Thanks for joining us.
Hey, great to be with you. Thanks for the invite.
Okay, Raman. U.S. Bank is obviously a major player with lots of different teams and groups. So I think it'll be helpful to start with where you're situated within the bank and what your focus is when it comes to faster and instant payments.
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.
All right, cool. So one of the things we're seeing in the data that's coming out with regard to instant payment adoption is that the adoption of send is lagging behind the adoption of receive. When it comes to the consumer users that you're working for, I suppose, or with, does the ability to only receive satisfy them?
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, I tell you, the A to A one resonates with me, and I guess there are probably several people who maybe have heard this story before, but a couple of years ago when I was buying a car, I needed to move some funds from one sort of savings account into my checking account so I could pay the dealership, right? And That took, I want to say, five, six days for the funds to actually be available to me so I could do that. And in the meantime, we had a road trip that we were planning to take the new car on that we had to take the old car on. And from the dealership perspective, that was five or six days that that sale was delayed. Maybe that moved over a month or a quarter for them from a sales perspective.
So... Huge, huge implications, I think, if you multiply that out by the number of times people are doing those sort of things. I'm not the only person buying a car. I do want to unpack another use case that you talked about. You mentioned bill pay. That's certainly a use case we've all been talking about for years, but it continues to be... the use case of the future, if you will, right? It's kind of still like one that we keep saying, yeah, it's a good use case, but we're not really seeing it getting traction in the marketplace. At least if it is, it's not really visible to those of us who are paying attention. So what needs to happen for bill pay through instant payments to really take off?
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.
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Chapters
3 chaptersSpeakers
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