How payments innovation is getting faster

This update explores how the underlying plumbing of financial transactions is moving toward 'on-chain' systems and real-time settlement. For retailers and operators, this marks a shift away from the traditional multi-day waiting periods for funds to clear. The focus is on how digital assets and blockchain technology are being integrated into major banking institutions like TD to speed up the flow of money. Faster payments innovation means your business could eventually see reduced friction during the checkout process and near-instant access to capital after a sale is completed. While much of this technology currently lives in the backend of securities and wholesale banking, the goal is to create a seamless experience for the end consumer. As these systems mature, the cost of processing transactions is expected to drop while security increases. You should prepare for a future where 'business days' no longer dictate your cash flow. The transition to these digital rails will likely happen behind the scenes, integrated directly into the POS systems and banking apps you already use.

Source: American Banker — Top News

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