24 Oct 2024 Jane Hennessy of Finzly on all things faster payments implementation
episode
Off the Rails from the U.S. Faster Payments Council - FPC
20 min
1 speaker
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the purpose of this episode and who are the hosts?
Off the rails from US Faster Payments accounts.
I'm Reed Lutan, Executive Director of the US Faster Payments Council, and this is off the rails from the US Faster Payments Council, sponsored by Open Payment Network. Today I'm talking with Jane Hennessy of Finsley. We talk about all things faster payments, as well as Jane's many, many travels and a quick programming note for November. We'll be releasing the second episode of November one week early on November 21st to avoid the Thanksgiving holiday here in America. So just wanted everyone to be aware of that. Then in December, we'll be doing episodes on the first and third Thursdays instead of our usual second and fourth Thursdays to avoid those December holidays. And with that it's time for the headlines.
This is our final podcast before the payments world descends on Las Vegas for Money 2020. I'm really excited to catch up with friends and talk payments with as many people as possible. If you're going to be there, let me know and let's find some time to connect. Also, a huge, huge thank you to FPC member and sponsor Trustly, who has generously provided me with a badge for the conference. Thank you guys. Uh, if you're looking for a low-key way to connect with payments friends, the payments beer nerds have organized Learn more about that at fat at paymentsbear nerds dot com I'll be joining that which seems like a fun way to get out of the chaos that is the strip and have some good conversations. And catching up on FPC deliverables released in October.
As always, you can find these resources at fasterpaymentscouncil.org. Go to the knowledge center tab at the top and then resources. FPC released our 2024 US Instant Payments Adoption Quantitative Study. A huge thank you to the Federal Reserve for their help in bringing that together alongside the FPC. This study is based on a first of its kind survey of US-based third party enablers to financial institutions. Collectively, respondents of the study serve over 90% of USFIs and provide insights into the projected growth of instant payments adoption over the next five years. Then the FPC's digital assets work group released the Role of Digital Ledger Technology and Core Banking Functions blog. In the blog, the workgroup takes a look at the role of digital ledger technology and core banking functions.
Anyone who has worked for a financial institution knows that technological change within an organization can lag significantly behind the pace of innovation. There's no better example than the efforts to modernize core banking platforms, which have run the gamut of upgraded efforts ranging from incremental adjustments to with the full blowout replacements. Uh so check out those resources at fast council dot org under the knowledge center tab, click on resources. Uh and that is it for the headlines this time, and now it's time for that conversation with Jane Hennessey of Finsley.
All right, we're joined by Jane Hennessey from FinSlee. Jane, thanks for joining the show. Thank you very much for having me. All right, let's start by a level setting on on what FinSley is seeing in the marketplace for instant payments. What does adoption look like? You know, what has traction, what needs traction, things like that. Right.
Well, we're seeing a lot of financial institutions signing up for both networks. We're seeing them implementing. We're also seeing traction in terms of the value and volume of payments going through these networks. So there's some nice growth, but frankly, a lot of it's on the receive side. And so what really needs some traction is sending. And also allowing more channels to send and activating more use cases is where we need the focus now.
All right, well Um, that that kind of likes and this is something that we hear a lot about, right? We actually just put out some the FPC just put out some work that sort of leads you to that same conclusion, right? That send is something that we need to be leaning into. What what is it that makes it so much easier for financial institutions to get up and running on receive, but I guess causes them to stop short of implementing send?
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Chapters
4 chapters
1
What is the purpose of this episode and who are the hosts?
0:05–5:28
2
What are the latest headlines and upcoming events in the faster‑payments space?
5:28–14:15
3
How is adoption of instant payments progressing across U.S. financial institutions?
14:15–17:36
4
Why is sending money harder to implement than receiving, and what barriers exist?
17:36–20:37
Speakers
1 identifiedMore from Off the Rails from the U.S. Faster Payments Council - FPC
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13 August 2026 Podcast Cathy Lesser Mansfield
30 July 2026 Podcast Erik Van Bramer from Federal Reserve Financial Services
16 July 2026 Callum Godwin of CMSPI on faster payments for merchants