Faster Payments in the UK was heavily bundled with other services, while other countries, Australia, for example, are pulling apart their offering and creating a core piece for clearing.
This may or may offer competitive advantages. That leaves every application outside the core system, offered by banks or nonfinancial companies, the ability to provide ancillary services.
The existing systems and networks are vying for position to lead, follow, or get out of the way of what may come. Technologists are looking for standards on which to build such a system where none exist in the U. S. The UK system was built on one standard technology allowing it to be completed in record time.
Why should you Attend:
The Federal Reserve Bank's report, Strategies for Improving the U.S. Payment System and industry analysts are recommending a new US payments system. They are suggesting a system modeled on the one implemented in the United Kingdom. This would have an interesting effect on the Automated Clearing House (ACH), The Clearing House (TCH), Fedwire, and U.S. payments in general. Many banks have begun to think of faster payments as inevitable. Given that mobile payments have become 'real-time', its land-based forerunner will need to catch up as well as an estimated 20 or more countries around the globe.
Areas Covered in the Session:
Who Will Benefit:
- The U.K. Payment System before the FPS
- United Kingdom Faster Payments Service (FPS) now
- FPS Costs and who bore them
- FPS Implementation
- Benefits of such a system
- Implications for the United States
- Value of the benefits versus costs of adopting the service?
- Impact on existing systems
- Future for existing systems
- Payments professionals
- Deposit Operations managers
- Cash Management professionals
- Bank Compliance Officer
- Regulatory Compliance Associates and Managers
- Corporate finance officers
- Corporate Risk/Compliance Officer
- IT professionals
Ray Graber has a deep and thorough understanding of banking, technology, and finance. His business experience includes banking technology research at TowerGroup; best practices internet security, policies, and procedures at FleetBoston Financial; wire transfer operations and product launches at Citibank and BankBoston; and treasury operations for a $325 million public company. Mr. Graber was an adjunct professor at the Carroll School of Management at Boston College where he taught three graduate-level courses: E-Banking, the MBA Leadership Workshop, and Corporate Finance. Previously, he taught the Financial Management of Commercial Banks in the Boston College Carroll School of Management Masters of Finance Program and Working Capital Management and Cash Management at the Bentley College Graduate Business Program.
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