The B2B Faster Payments service is a new way for businesses to send and receive money. It’s faster than traditional methods like wire transfers, and it’s more secure. The service is available 24/7, so you can send and receive money anytime, anywhere. And there are no hidden fees – you only pay the standard transaction fee. With B2B Faster Payments, you can get your payment to your supplier in minutes, not days. So if you need to pay for an urgently needed shipment of goods, you can do it quickly and easily. And because the service is available 24/7, you can always be sure that your payment will reach your supplier on time.
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Data for today’s episode is provided by Mercator Advisory Group’s report – Business-to-Business Faster Payments: Market Review and Forecast 2018–2023
B2B Faster Payments Platform Updates: Part 3, Zelle
- Currently about 300 financial institutions are integrated with Zelle
- In 2017, Zelle processed $75 billion in transactions
- In 2019, Zelle is forecasted to process over $160 billion in transactions
- To this point, Zelle is mostly person-to-person transactions – but new use cases emerge:
- Insurance Distributions – insurance companies distributing payouts to consumers
- Higher Education – schools need to comply with Title IV, requiring prompt tuition reimbursement and receipts for compliance
- Payroll & Wages – earned pay for the growing gig and freelance workforce
About this report
The pace has increased in the march toward ubiquity. Financial institutions of all sizes should be actively delivering or planning to incorporate one or more of the existing faster payments solutions for clients as business interest rises