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Faster Loan Payments WHAT's INSIDE FEATURE STORY NEWS & TRENDS News & Trends The State Bank of Pakistan will launch a faster payments system next year – p. 11 Deep Dive Real-time payments could cure the healthcare market’s payment maladies – p. 15 NOVEMBER 2019 HOW FASTER UNDERWRITING, CREDIT ANALYSIS UNLOCK Faster Loan Payments WHAT'S INSIDE FEATURE STORY NEWS & TRENDS A look at the opportunities David Evans, CEO of A review of new global awaiting companies that DecisionLogic, explains how payment initiatives, including invest in faster payment seamless access to bank data solutions from NatWest, solutions and the costs facing enables faster loan approvals Goji and the State Bank of those that do not and could render credit score Pakistan checks obsolete 03 07 11 DEEP DIVE SCORECARD ABOUT An in-depth analysis of how The results are in. See the Information on PYMNTS.com real-time payments could top scorers and a directory and Fiserv solve common healthcare featuring more than 60 market frictions industry players, including four additions 15 17 51 Table of CONTENTS The Faster Payments Tracker® is powered by Fiserv, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. 2 | © 2019 PYMNTS.com All Rights Reserved What's Inside Faster payments create happier business and trading to invest in fast, free and invisible customer solutions, partners. Recipients that quickly receive their funds are for example. more likely to be satisfied with and extend their profes- Several FIs around the globe appear to understand the sional relationships, and the rise of consumer-facing, seriousness of the situation, however, and are working peer-to-peer (P2P) services has only increased de- aggressively to implement faster payments. Here are mand for faster business-to-consumer (B2C) payment some of the latest efforts they and other businesses solutions. Customers can easily use their smartphones have taken to more quickly move funds. to send money to friends and family members via P2P apps like PayPal, Venmo and Zelle, and they grow frus- AROUND THE FASTER PAYMENTS SPACE trated with businesses that cannot deliver that same Companies across several global markets are ex- speed for insurance claims, rebates, refunds and oth- panding access to existing faster payment systems, er transactions. while some nations are taking their first steps toward The global B2C solutions market is currently valued building brand-new payment rails. The U.K.’s National at $6.8 billion and is on track to reach $25.9 billion by Westminster Bank (NatWest) recently launched an 2023, meaning firms whose faster payments efforts application programming interface (API)-based fast- are lagging could miss out on lucrative opportunities. er payment service available to more than 200 FIs in Legacy banks and other traditional financial institu- the nation. The Faster Payments clearing API service tions (FIs) are at particularly high risk of losing revenue allows the bank’s customers to connect to the U.K.’s by failing to invest in key technologies. Recent data in- Faster Payments Scheme (FPS) through their existing dicates that FIs in the United Kingdom stand to lose infrastructures and APIs. The integration will enable out on £8 billion ($10.3 billion USD) in revenue by failing © 2019 PYMNTS.com All Rights Reserved | 3 participating banks’ customers to make and receive savings accounts for emergencies, meaning many payments in real time. must turn to loans to cover unexpected medical bills or vehicle repairs. Receiving loan approval can Pakistan is taking its first steps toward launching a be problematic for borrowers with insufficient credit national faster payment system. The State Bank of scores, however, and frictions in the application pro- Pakistan (SBP) recently held a workshop at which cess can drive them away. In the Tracker’s Feature SBP governor Reza Baqir outlined the bank’s plans Story (p. 7), DecisionLogic CEO David Evans explains to pursue its National Payment Systems Strategy how the company’s bank verification software en- (NPSS). He said the rail could reduce costs and pro- ables lenders to quickly review data, approve loans mote greater electronic payments adoption in the and rely less on credit scores. country, which still relies heavily on cash. WHAT'S INSIDE WHAT'S United States consumers could see expanded DEEP DIVE: HOW FASTER PAYMENTS CAN CURE HEALTHCARE’S ILLS real-time payments access thanks to a new Fiserv solution that enables quick bill payments. The The healthcare market is not immune to payment fric- CheckFree Next service is being piloted by 10 U.S. tions, as costly inefficiencies can force hospitals to FIs, offering APIs that provide bill payment services chase payments and prompt 47 percent of patients through more than 600 billers. The technology can to consider seeking medical treatments elsewhere. automatically identify consumers, match them to The Tracker’s Deep Dive (p. 15) explores the potential billers’ accounts and quickly issue payments, as well benefits that real-time payments could offer patients as provide alerts and reminders about when bills are and healthcare providers alike. due and payments have been issued. NOVEMBER TRACKER UPDATES For more stories on these and other faster payments This month’s Faster Payments Tracker® profiles headlines, read the Tracker’s News and Trends sec- more than 60 industry players, including four addi- tion (p. 11). tions: BillingTree, Klarna, Moneris and Payscout. HOW FASTER LENDING TOOLS COULD RENDER CREDIT SCORES MOOT Recent Federal Reserve data indicates that 61 per- cent of U.S. adults have less than $400 in their 4 | © 2019 PYMNTS.com All Rights Reserved Executive INSIGHT Which industries have been most successful in adopting faster payment solutions, and which are lagging? “Faster payments are gaining ground in the United States, driven by growing consumer demand and advanc- ing technology. The provider landscape is also changing, with the Federal Reserve announcing the launch of the FedNow faster payments initiative, which is expected to … go live by 2024. However, faster payments are far from ubiquitous. … It might appear … that businesses and service providers are able to instantly accept payments via credit or debit cards in person … or in an eCommerce setting, [but] these transactions do not settle in businesses’ bank accounts in real time. In addition, checks are still being used by many businesses to pay employees or send funds, such as claims payments, to customers. Consumers who are tired of waiting days to receive their payments … utilize INSIDE WHAT'S closed-loop P2P payment systems like PayPal, Venmo and Square Cash. Banks took notice of this trend and launched the first bank-based real-time P2P system, Zelle, which has seen healthy adoption since [its launch]. As the middle class in the U.S. struggles to cope with inflation and a growing cost of living, they are looking to gig employment ... to keep them afloat [with] multiple streams of income. Part-time gig workers need and demand faster payments for the services they render. FinTechs … in the earned wage access area allow gig workers [and] traditional employees to gain access to their earned wages in real time using faster payment rails like Visa Direct, MasterCard MoneySend, Fiserv NOW Network and The Clearing House’s RTP network. Beyond the gig economy, we also see other industries where faster payments are starting to take hold. In the property and casualty insurance space, utilizing faster payments rails for claim payouts has improved cus- tomer satisfaction and loyalty. Factoring is another area where invoices are sold to … businesses that use faster payment rails to enable liquidity for various types of use cases, like truck drivers hauling freight. Faster payments are here and their potential to change the future of commerce is promising. Competition in faster payments is good for … customers and will no doubt open doors to innovative new ideas that can raise our standards of living.” DEVA ANNAMALAI WHAT'S INSIDE WHAT'S vice president of payments strategy and solution consulting at Fiserv 5 35% Increase in the number of real-time payment systems in use around the world over the past five years £8B 25% WHAT'S INSIDE WHAT'S Estimated revenue losses Share of online medical among British banks that bill payments that will be fail to offer instant, invisible completed using real-time and free digital services by payments by 2022 2025 100% $25.9B Projected CAGR of Projected value real-time payments in of the faster B2C healthcare from 2018 to disbursements market 2022 by 2023 66 | |© © 2019 2019 PYMNTS.com PYMNTS.com All All Rights Rights Reserved Reserved © 2019 PYMNTS.com All Rights Reserved | 6 FEATURE STORY HOW FASTER UNDERWRITING, CREDIT ANALYSIS UNLOCK Faster Loan Payments © 2019 PYMNTS.com All Rights Reserved | 7 Feature Story Recent Federal Reserve data indicates that 61 per- accounts, in turn enabling faster loan approvals that cent of U.S. adults do not have $400 in savings on issue the payouts users need. hand to cover unexpected expenses. That reflects Underwriting tools provide both borrowers and a steady increase from 2013’s measure — 50 per- lenders with confidence and help the latter more cent — and indicates that many Americans may need seamlessly access reliable bank data that super- loans to deal with financial disruptions like medical sedes credit scores. They can also supply banks and emergencies or vehicle repairs. other FIs with better senses of borrowers’ financial Faster payment services could help such consum- histories, such as how pending transactions affect ers get much-needed funds, provided lenders can account holders’ available capital by “aggregating access equally fast underwriting tools. Borrowers the [data] aggregators.” needing seamlessness could instead face addition- “The same person’s bank account can look different al hurdles if their credit histories or scores become in many ways for many reasons,” Evans said.
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