Executives working in blockchain payments technology talked distribution capabilities, transfer efficiency and the future of payments infrastructure at the Benzinga Fintech Summit in San Francisco.
Cory Johnson, Ripple’s chief market strategist; Paul Diegelman, Fiserv Inc. (NASDAQ: FISV)’s vice president of e-payments; and Jamie Armistead Zelle business line leader Jamie Armistead participated in the panel.
Armistead focuses on peer-to-peer payment strategies as part of Zelle’s integration with over 50 financial services applications, he said.
Zelle, which allows users to transfer funds from their bank account to another person’s bank account, moved $32 billion last quarter in more than 162 million transactions.
“I think the move to the Clearing House solution and real-time payments will be the biggest things that happen,” the executive said.
These capabilities will allow customers to access and move money via email or phone number, which should be a game-changer, Armistead said.
“We are part of the of the underlying financial infrastructure that connects thousands of banks and tens of millions of consumers through money movement and data aggregation,” Diegelman said.
The number of use cases in the fintech community is growing, the executive said.
“Speed is the thing. People need access to their money and they want it now. As the speed picks up, other potential candidates’ speed will continue to drive that and the infrastructure needs to be there. ”
Ripple is responsible for moving money across borders through the use of the XRP cryptocurrency, Johnson said.
“The fundamental focus is to allow for instant, very cheap and very accurate movement of money across borders in a world where it is enormously slow, filled with errors and very expensive for businesses.”
Consumers live in a globalized world in which a text message can be sent internationally and instantaneously, but money cannot be moved in the same manner, Johnson said.
“If most businesses make less than 6-percent net profit, it does not make sense to be global. The world is not truly global until there’s a way to move money globally, and we don’t have that yet.”
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