Fast Payments Tracker - March Edition
Published: March 1, 2016
Transactis CEO and Chairman Joe Proto describes how Same Day ACH would help the underserved and unbanked.
Who Benefits The Most From Faster Payments?
As the rollout and adoption of Same Day ACH in the U.S. begins this year, the tangible changes and benefits across the payments landscape will, in turn, become increasingly apparent. Yet, there continues to be questions about who really benefits and who really wins. The underserved/unbanked, for one, says Joe Proto, a 30-year veteran of the payments industry and current CEO and Chairman of Transactis.
The shift to same-day and faster payments, in general, Proto said, is the most significant endeavor he’s seen in his 30 years in the industry. “Same-day and faster payments will give us a lot of the same benefits that we get by handling card transactions, without using the card rails. That’s revolutionary,” he said. The reason faster payments is so important, Proto said, is because the four major quadrants of the payments industry – P2P, B2B, B2C and C2B – are all beneficially impacted when it comes to the expedited movement of money and data...