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Fintech companies raised a record $39.6 billion in 2018

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Frequent Contributor

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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Message 1 of 5
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Frequent Contributor

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

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
Frequent 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

Lowly turtle of the myFICO community.Bank-Issued Mastercard $2,000Bank-Issued Visa $6,500In the lab until January 2020

Message 4 of 5
Established 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

 

EQ8:843 TU8:840 EX8:850 EQ9:850 TU9:850 EX9:850 EQ5:774 TU4:791 EX2:809 - 2018-11-07
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