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Fintech companies raised a record $39.6 billion in 2018

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Fintech companies raised a record $39.6 billion in 2018

Good things are in store for us.

 

https://www.cnbc.com/2019/01/29/fintech-companies-raised-a-record-39point6-billion-in-2018.html

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Established Contributor

Re: Fintech companies raised a record $39.6 billion in 2018

More power to them! ACH in particular needs a major overhaul.

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

New CRADIS contacts, bearing 1 carom 10. Just think of EQ, TU, and EX as Cylon Basestars.

Message 2 of 5
Moderator Emeritus

Re: Fintech companies raised a record $39.6 billion in 2018

Yeah, I recently found that I got free wire transfers as a Chase Sapphire benefit: moving money same day between my accounts is just so underrated.

 

Might be able to get similar as more adopt various other quick pay solutions but I'm just fine with the onus being on my getting the target account right.




        
Message 3 of 5
Established Contributor

Re: Fintech companies raised a record $39.6 billion in 2018


@Revelate wrote:

Might be able to get similar as more adopt various other quick pay solutions but I'm just fine with the onus being on my getting the target account right.


The increased competition in the payments industry is going to force ACH to be more like a real-time gross settlement system for both individuals and businesses. The Federal Reserve already saw the writing on the wall over 6 years ago and created this website: https://fedpaymentsimprovement.org/faster-payments/capability-showcase/ .

 

ACH 'batching' today is ridiculous considering the raw computing power we have available now compared to over 40 years ago when ACH came into existence. Fedwire already does it when it's between banks. These new fintech startups are already pushing NACHA to this: https://www.nacha.org/rules/expanding-same-day-ach

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

New CRADIS contacts, bearing 1 carom 10. Just think of EQ, TU, and EX as Cylon Basestars.

Message 4 of 5
Valued Contributor

Re: Fintech companies raised a record $39.6 billion in 2018

I got a note last month from WF that they are now supporting (inbound) RTP:

https://www.theclearinghouse.org/payment-systems/rtp/technical-documentation

 

Sounds like the other majors are already onboard:

https://www.americanbanker.com/news/how-citi-suntrust-connected-to-the-clearing-houses-rtp

 

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