The Corporate Quandary in Deploying Faster Payments

This session explores the challenges banks face in delivering faster payments and implementing new solutions. A leader in faster payments will share insights from a two-year project focused on modernizing payments in the title and escrow industry. While same-day ACH meets some needs, instant good funds require Request for Payment (RfP), which faces limitations and deployment challenges with APIs, virtual accounts, and commercial account structures. Efforts to replace checks and wires aim to streamline mortgage closings, but scaling new networks to match ACH’s interoperability takes time. This session will highlight key lessons, the need for innovation in title and escrow, and the broader challenges banks and fintechs face in modernizing legacy payment systems.