{"id":4531,"date":"2014-05-28T20:31:00","date_gmt":"2014-05-28T20:31:00","guid":{"rendered":"https:\/\/evssolutions.com\/is-a-faster-payments-system-in-our-future\/"},"modified":"2014-05-28T20:31:00","modified_gmt":"2014-05-28T20:31:00","slug":"is-a-faster-payments-system-in-our-future","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/is-a-faster-payments-system-in-our-future\/","title":{"rendered":"Is a Faster Payments System in Our Future?"},"content":{"rendered":"<p>The U.S. payments system is undergoing a significant period&#13;<br \/>\nof change, driven by the adoption of new technologies and evolving end-user&#13;<br \/>\nexpectations. Research is confirming that consumers and businesses are becoming&#13;<br \/>\nincreasingly interested in a faster payments system. This system is modeled&#13;<br \/>\nafter a system similar to the <a href=\"http:\/\/www.fasterpayments.org.uk\">Faster&#13;<br \/>\nPayment Service<\/a> already running in the U.K. This is also similar to the&#13;<br \/>\nindustry <a name=\"_GoBack\"><\/a>focus on mobile payments to make the entire&#13;<br \/>\npayments process easier and efficient for all parties involved.<\/p>\n<p>Its clear that mobile payments have made transactions&#13;<br \/>\npossible and easier for businesses on the go. However, there is a lot of work&#13;<br \/>\nthat goes into getting them set up and secure for users. Although the gateway&#13;<br \/>\nis secure, the transaction still has to bounce off wifi and radio towers, which&#13;<br \/>\nmakes it vulnerable.<\/p>\n<p>Consumers and businesses recognize that faster payments&#13;<br \/>\nwould be beneficial in a lot of cases. There is a high need for instant&#13;<br \/>\npayments in the U.S. and there is an opportunity to improve speed and&#13;<br \/>\nefficiency of payments while also maintaining security.<\/p>\n<p>As of now, the Federal Reserve wont mandate that banks and&#13;<br \/>\ncredit unions move to a new fast payment mechanism. They are working on&#13;<br \/>\nsuggestions and recommendations for how this can be done given our payment&#13;<br \/>\necostructure. In doing so, <a href=\"https:\/\/www.electronicverificationsystems.com\/solutions\/\">fraud prevention&#13;<br \/>\nsolutions<\/a> have to be taken into consideration. There is fear that with&#13;<br \/>\ninstant payments comes a heightened risk for fraud. This is where stronger&#13;<br \/>\nauthentication is a must. <\/p>\n<p>Moving toward faster payments requires security&#13;<br \/>\nenhancements. So while a fast payment system would require banks and credit&#13;<br \/>\nunions to do some retooling and will be quite costly, the Federal Reserve&#13;<br \/>\nbelieves that the investment would pay off in the long run.<\/p>\n<p>What are you thoughts on a faster payments system?<\/p>\n<p><!--EndFragment--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. payments system is undergoing a significant period of change, driven by the adoption of new technologies and evolving end user expectations. Research is confirming that consumers and businesses are becoming increasingly interested in a faster payments system. This<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-4531","post","type-post","status-publish","format-standard","hentry","category-phone-verification"],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/comments?post=4531"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4531\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}