Boosting Financial Inclusion & Payee Choice Through Improved Corporate Treasury Payment Options
Payment options for corporations to transact with un-banked and under-banked communities have been limited, and often costly to all involved parties – both the receiver and payor. Whether through lack of options, high fees or challenges accessing funds, barriers for individuals who have historically remained outside of the banking system have been high. But as advances in payments technology (combined with open banking models) evolve, new industry applications are in development to bridge this gap, helping businesses reach and transact with a wider set of the population safely, securely and digitally, to boost options for how payees get paid. Speakers in this session review how businesses digitally transact with all Americans, both banked and unbanked, and examine the steps underway to broaden financial inclusion to incorporate a wider set of industry services.