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.

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 addition (p. 11). tions: BillingTree, Klarna, Moneris and Payscout.

HOW FASTER LENDING TOOLS COULD RENDER CREDIT SCORES MOOT Recent Federal Reserve data indicates that 61 percent of U.S. adults have less than $400 in their

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 customer 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

HOW FASTER UNDERWRITING, CREDIT ANALYSIS UNLOCK Faster Loan Payments

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. “Our problematic, however. challenge … is to get as full and complete a picture A consumer’s credit score needs not be the sole of that banking data as we possibly can to mitigate factor to determine loan approval, though. Banks those gaps and holes.” can instead gauge risks by checking consumers’ re- TAKING THE FRICTION OUT OF cent financial histories for reliable incomes. David LENDING Evans, CEO of bank verification software provid- DecisionLogic recently announced that it surpassed er DecisionLogic, said in a recent interview with 40 million customers since launching in 2011. The PYMNTS that the firm’s solutions allow consum- provider’s solutions focus on helping FIs issue loans ers to quickly provide data from their primary bank

8 | © 2019 PYMNTS.com All Rights Reserved to qualified applicants rather than facilitating borrow- credentials. Speedy account access can grant FIs er disqualifications. the assessment data they need to initiate loans.

“Lenders are looking to lend money because that’s A COMPLETE BANKING PICTURE how they make money,” Evans said. “They actually Quickly receiving financial history snapshots can like spending money, so they’re looking for reasons persuade lenders to grant loans they already want and justifications to lend to people.” to issue by alleviating concerns about borrowers’ po- DecisionLogic’s customers are often lenders that tential risks. serve subprime borrowers. Such consumers fre- “If a person has a regular income, that’s a quently lack credit scores for lenders’ review and confidence-booster,” Evans said. “Most of the time must instead provide their bank statements. it’s usually pretty simple. We have [people] who [were] Borrowers must first be willing to complete the lend- paid for 90 days, they get paid regularly for the same ing application process, and frictions can arise when amount each week or month and they don’t have any- FIs request bank histories, which force these cus- thing really funky going on in their bank statements. tomers to find physical copies of their statements They’re likely to work out.” and then visit establishments like Staples to either Even customers’ most recent bank statements might print duplicates or fax materials along. These is- not provide full financial profiles, Evans acknowl- sues can ultimately alienate those facing short-term edged. Consumer activities can shift rapidly in a day, emergencies. and pending transactions might not post in time to “We found in talking to lenders [that] four out of five be reflected. times, a consumer [with whom] they have direct con- “In today’s real-time world, you can literally — this tact [and] they want to lend money to — that would morning — go and get a payday loan from a lender, probably be [qualified to lend] money to — goes get funds deposited into your bank account today, away because the process has so much friction,” and your bank statement today — this afternoon — Evans said. would look very different than your bank statement DecisionLogic’s solutions address these problems from last night,” he said. by enabling lenders to access customers’ accounts The faster pace means lenders need the most current in real time and transmit recent bank statements. and updated data sources available. DecisionLogic Applicants receive links either through emails or uses solutions from financial services technolo- SMS messages that prompt them to enter their login gy provider Fiserv, including its AllData PFM data FEATURE STORY FEATURE

aggregator, to completely picture borrowers’ financial histories. DecisionLogic also works directly with several banks, including Citi and Wells Fargo, to David Evans, CEO of DecisionLogic, explains swiftly access borrowers’ information. how more seamless access to financial data Real-time data tools can give lenders clearer risk helps democratize financial services for projections, especially in an age where transactions borrowers. hastily alter financial statements. Evans noted that many DecisionLogic customers will perform under- “As the technology has gone mainstream, I think that writing activities just prior to initiating loans, ensuring [the] democratization that technology brings to so- customers’ bank statements have not changed sig- ciety [has] come with it. Every time technology has nificantly since their initial applications. become mainstream, it has changed society [in] my “It’s all kind of happening in real time [when bor- perspective to where the consumer is put [first] again. rowers seek access to payday or cash installment The credit card industry, which owned the FICO scores loans],” he said. “The person is online, in a website, for decades and imposed this dinosaur on us — and applying for a loan. [Websites that have] integrated

FEATURE STORY FEATURE forced us to live by [its] rules — I think those rules will with DecisionLogic’s technology … can make the un- go out the window. I really hope they do. derwriting decision and fund right away.” I really think it’s time consumers … own their data, These data-based insights into borrowers’ financial not have their data owned by others. I think the bank histories can benefit all parties, as cash-strapped statement or banking history is the absolute perfect borrowers who may lack previously needed cred- replacement for the old-fashioned FICO score — the it scores can still access funds, and lenders do not ‘dinoscore,’ as I like to call it. [The current system is] all have to deny financially vulnerable users loans that very wrapped up in who benefits from the FICO score. would quickly address their unexpected expenses. The fact that you go and apply for a loan and find out what your FICO score is, the fact that they ding for [checking on] that, is the ultimate insult, isn’t it?

[As a consumer, you] want to find out what [credit] information somebody has on you. It’s your information. You’re just asking about it, and they’re going to punish you [by running a credit check]. It’s a slap in the face. I think the future is going to move away from others holding information from you [and shift to] you being able to show your information transparently and stand by it for good or for bad.”

New faster payment integrations, including alternative investment and direct lending platforms provider Goji. The compa- players ny recently launched an “advanced investments” NATWEST DEBUTS NEW FPS payments capability to help users more easily navi- OFFERING gate complex payment flows. The solution will assist More U.K. consumers will gain access to faster bill lenders with payouts that involve multiple recipients pay services thanks to a solution from NatWest, or funds held in escrow, Goji said, and uses an API which recently launched an API-based faster pay- to hold investors’ funds — and provide access to in- ment service that will be available to more than 200 stantly cleared funds — through the FPS. Users will FIs nationwide. The API works with the U.K.’s FPS be able to create different accounts, approve finan- and can be integrated into banks’, credit unions’, cial recipients and support payment flows to different building societies’ and other U.K. FIs’ existing bank- parties involved in a transaction, including borrowers ing infrastructures to enable faster transactions. It and solicitors. also gives banks the option to connect to the FPS SBP LOOKS TO ENTER FASTER without joining it, allowing those that are not based PAYMENT LANDSCAPE in the U.K. and not part of the scheme to more effec- The SBP announced that it plans to launch a lo- tively serve customers. cal faster payment gateway next year. Reza Baqir, NatWest claims the new service operates 24/7 and SBP’s governor, explained during a recent work- offers an alternative to the bulk files that can take shop that the bank will aggressively pursue adoption longer to process and delay funds’ delivery. Similar and implementation of its National Payments active real-time payment systems have expanded by Systems Strategy (NPSS). The goal of the NPSS is 35 percent worldwide over the past five years. to increase Pakistan’s gross domestic product (GDP) by 7 percent and create millions of new electronic GOJI ROLLS OUT NEW FPS SOLUTION FOR PROPERTY LENDERS payments-related jobs. Other U.K.-based financial services players are Government entities and merchant receipts and set- unveiling their own payment solutions with FPS tlements are largely driving digitization in Pakistan.

© 2019 PYMNTS.com All Rights Reserved | 11 SBP’s new service could reduce costs, especially funds via smartphone. This will allow Indian con- related to interchange fees, and promote the adop- sumers to use the UPI to seamlessly make payments tion and benefits of digital payments in an economy when abroad. that is still cash-dependent. Workshop attendees in- The UPI recorded approximately 955 million transac- cluded officials from various Pakistani FIs, FinTechs, tions as recently September, according to the latest payment service operators and telecom firms. NPCI data, and expanding its usage into new global markets could help boost acceptance in India as Bill payments well. NPCI is allegedly working to ensure availability in the United Arab Emirates and Singapore within the FISERV RELEASES AUTOMATED BILL PAYMENT SOLUTION next six months. CheckFree Next, a new bill payment solution from financial services solutions provider Fiserv, helps users quickly and effectively pay their bills through personalized suggestions and automated tools. Ten U.S. FIs recently piloted the service’s APIs, which enable banks to provide bill payment services through Fiserv’s connections to more than 600 billers. The

NEWS & TRENDS NEWS solution includes some real-time capabilities, including instant notifications, and the company plans to offer real-time money transfers in the coming months.

A news release noted that CheckFree Next relies on proprietary technology to automatically identify and link consumers’ billers with their financial accounts. It also establishes billers as payees when pinpointing matches and offers users reminders and alerts when payments are due or have been issued. A separate feature, Withdraw Now, enables users to have their bill payments debited from their accounts immediately or in the future. MASTERCARD PARTNERS WITH RETAILERS FOR PAY BY BANK APP UPI EXTENDS GLOBAL REACH A quartet of U.K. eCommerce retailers — Cult Pens, Indian citizens are also finding it easier to make pay- Funky Pigeon, The Card Gallery and WHSmith — are ments, particularly when using the nation’s Unified also investing in new faster payment solutions. The Payments Interface (UPI) during international travel. group recently announced plans to allow online shop- The National Payments Corporation of India (NPCI), pers to use Mastercard-owned Vocalink’s Pay By which runs the UPI, is extending the service into Bank (PbBa) app. PbBa uses the FPS to allow users to new markets to boost its ability to instantly settle

12 | © 2019 PYMNTS.com All Rights Reserved make payments for goods using their bank accounts Single Euro Payments Area (SEPA). This connectivi- without providing sensitive details such as account ty enables Moorwand’s clients to make transactions numbers or passwords. The app also does not re- across the 36 SEPA member nations, including all quire a separate download and is instead accessed EU and European Economic Area (EEA) members. from users’ primary banking apps. Mastercard said This development adds to Moorwand’s portfolio of the solution aims to help users exercise greater con- digital banking solutions, which currently include trol over their finances. FPS access, direct deposits and Bacs Payment Schemes Ltd. FUNDBOX RAISES FUNDS TO EXPAND B2B PAYMENTS The SEPA connection enables Moorwand to ex- Business-to-business (B2B) payment and credit net- tend cross-border payment capabilities and a wide work Fundbox is helping consumers exercise greater range of banking services to its clients. The com- control by enabling greater transparency into their pany — which is also a bank identification number transactions. The company recently secured a sig- (BIN) sponsor, issuer and acquirer — also recently nificant fundraising haul to expand its operations, launched an online acquiring solution for European raising $176 million in growth equity for its Series FinTech, merchant and payment service provider C round and acquiring a $150 million credit facility. (PSP) customers. Fundbox plans to invest the funds in its B2B pay- FIBANK JOINS SWIFT GPI ments solutions to make payments faster and more Bulgaria’s First Investment Bank (Fibank) took steps & TRENDS NEWS transparent, giving businesses clearer insights into to help its customers access faster and more seam- their cash flows. less international transactions by joining the SWIFT A recent PYMNTS and Fundbox study found that global payments initiative (gpi) in September. It is the $3.1 trillion is owed to U.S. firms, but these funds first bank in Bulgaria to join the initiative, which al- have become stalled in accounts receivable “limbo” lows its customers to make cross-border payments — a development Fundbox refers to as the “net terms that settle in as little as five minutes. Thirty-six per- economy.” Releasing these funds with faster pay- cent of SWIFT gpi’s total transfers are credited to ments technology could help millions of businesses recipients within that same amount of time, and 96 that either offer or rely upon open credit terms to percent arrive the same day, according to company complete their transactions. data. The platform also provides real-time transparency into payments’ movements from identifiers Faster cross-border included in attached messages. Fibank is one of 660 banks worldwide to join SWIFT gpi, which makes payments daily cross-border payments valued at more than MOORWAND OFFERS SEPA ACCESS $330 billion. Financial services firm Moorwand is looking to im- VISA B2B CONNECT INTEGRATES WITH prove the speed and security of cross-border INFOSYS payments, announcing that it is granting its digital A recent partnership between financial services giant banking customers access to the European Union’s & TRENDS NEWS Visa and Indian business consulting and information

© 2019 PYMNTS.com All Rights Reserved | 13 technology solutions provider Infosys has also complete transactions in less than three minutes. expanded the availability of faster cross-border pay- The company announced in a tweet that users can ments. The latter firm willintegrate with the former’s set up the digital wallet, receive funds, make on-chain Visa B2B Connect network, which has access to and off-chain payments and complete a backup re- more than 60 markets worldwide. The integration will store all within that three-minute timespan. ACINQ enable banks to use the network to quickly, seam- also claims the wallet can address many frictions lessly and securely process cross-border payments. by offering more streamlined backup, onboarding Participating FIs will also be able to access the net- and restoration processes. This comes shortly after work through Bottomline and FIS, both of which are ACINQ completed an $8 million Series A fundrais- Visa hub partners. Visa B2B Connect aims to remove ing round led by Idinvest Partners, with participation frictions from the cross-border payments process by from Serena and investment bank Bpifrance. enabling faster transactions from origin banks to re- COINBASE RESTORES FASTER cipient FIs, providing status tracking and reducing PAYMENT SERVICES WITH NEW the time needed to settle payments. PARTNER A news release from Visa announcing the partner- Real-time payments have been restored for U.K. ship cited a survey of banks and corporates in 20 customers of cryptocurrency exchange Coinbase, global markets, finding that 59 percent of respon- thanks to the platform’s newest financial partnership dents expect revenues from cross-border payments with ClearBank. The interruption in real-time pay- NEWS & TRENDS NEWS NEWS & TRENDS NEWS to increase over the next five years as a result of fast- ments occurred in July when its then-partner, U.K. er payments. Visa B2B Connect uses tokenization to bank Barclays, stopped providing services such as protect users’ identities and sensitive information, in- instant deposits and withdrawals at the exchange. cluding bank account numbers, and instead provides The former also lost access to the U.K.’s FPS when a unique identifier to complete transactions. It cur- the partnership ended. rently reaches 62 trade corridors and plans to expand ClearBank began operations in 2017, and its partner- to 100 countries by 2020. ship with Coinbase restored access to the FPS for the latter’s customers, who can now also make depos- Faster coin-based its or withdrawals in as little as one minute. Zeeshan Feroz, Coinbase’s U.K. CEO, said that “that gap be- payments tween crypto and traditional banks will be bridged” ACINQ LAUNCHES BITCOIN-POWERED over the long term. The move comes as new data es- WALLET timates that British banks stand to lose an estimated French FinTech ACINQ, a bitcoin company that $10.3 billion in revenue by 2025 by failing to offer dig- works on the cryptocurrency’s Lightning Network, ital services that are instant, invisible and free. has launched its own faster payment solution. The firm recently unveiled its Phoenix wallet, which can

Giving Healthcare Payments A Real-Time Upgrade

Customer-facing markets such as financial ser- in unpaid medical expenses each year, according to vices and insurance have greatly benefited from PYMNTS’ research. real-time payments, and healthcare could be next. These payment issues only add to the healthcare Frictions are rampant in the U.S. healthcare market, market’s maladies, as a recent report found that 15 which is constantly at the center of debate regard- percent of healthcare spending is connected to bill- ing how to expand access and manage treatment ing and payment inefficiencies. The same report costs. Real-time payments can address these pain found that 47 percent of patients would consider points by granting claimants quicker access to funds seeking medical treatment at different hospitals with and providing clearer data regarding insurance pay- more efficient payment experiences. ments’ purposes. They also deliver more seamless experiences that consumers — and millennials in par- There is evidence that players in the healthcare mar- ticular — have come to expect. The following Deep ket are starting to understand how to effectively use Dive highlights how real-time payments can disrupt digital payment systems, however. The market is and improve the healthcare industry. seeing increased usage of automated clearing house (ACH) payments in particular, according to Nacha, A PRESCRIPTION FOR MORE which reported that more than 306.7 million ACH EFFICIENT PAYOUTS electronic funds transfer (EFT) payments were made The U.S. healthcare market saw a rise in from health plans to health providers in 2018 — an high-deductible plans following the 2010 pas- 11.5 percent increase from the previous year. This sage of the Affordable Care Act (ACA), shifting a put the value of ACH-based healthcare payments greater share of out-of-pocket payments, such as at $1.59 trillion in 2018, an increase of 80 percent deductibles and co-pays, onto patients. This unin- from 2014. tended side effect of the ACA has caused $7.5 billion Real-time payments could address many healthcare A REAL-TIME PAYMENTS HEALTHCARE OVERHAUL payment ills by allowing providers to immediately transfer funds 24/7 year-round. They could also Significant barriers to real-time payment adoption eliminate one of healthcare payments’ most com- remain, despite their potential benefits. The costs mon ailments: matching transactions to patient data. involved in implementing new services are among the top concerns for payment providers, of which 17 Real-time payments could result in more efficient percent indicated they pay fees to use electronic pay- payment operations that improve payer-to-provider ment systems. Many providers are also concerned flows by quickly issuing disbursements from pay- about the potential return on investment (ROI). They ers to healthcare providers. Electronic messaging worry that electronic systems would not positively standards, such as ISO 20022, could also repair affect revenue issues. healthcare’s reconciliation issues. Payments made

DEEP DIVE DEEP using such standards could include information Recent data found that these troubles are ill-founded clarifying whether funds were used for surgeries, as these systems could save approximately $240 prescriptions or dental work, for example. They can million for claim submissions. Automated real-time also prevent staff from having to track down pa- payments could also result in a potential $7.9 billion per checks. in savings for providers.

Faster healthcare transactions can also help patients Real-time payments in the healthcare industry are more effectively manage their working capital. They on track to expand significantly in the coming years. could initiate healthcare payments directly from their Recent projections indicating that real-time payment bank accounts, granting them clearer visions of how systems’ adoption will expand at a compound annual much money they actually have available. Healthcare growth rate (CAGR) of 100 percent from 2018 to 2022 providers on the other end of transactions would as consumers shift away from payment methods like thus receive payments faster and at lower costs be- credit cards, debit cards and ACH. Additionally, 25 cause they would not incur fees as they do with more percent of all online bill payments to providers and expensive methods, like credit cards. payers will be conducted using real-time payments. The debate over healthcare and how to improve pay- The availability of faster payments can also result ment flow is sure to continue for years to come, but in faster insurance claim payouts, helping patients real-time payments could be the immediate cure for cover medical expenses. Patients who immediately what ails the market. receive insurance claims in their bank accounts, as opposed to waiting days or weeks for checks to arrive in the mail, are more likely to be satisfied and remain with their current providers.

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Companies are organized in alphabetical order.

American Express Serve offers prepaid debit card accounts, with money manage- ment capabilities and cash load features. Its mobile app supports sending and receiving payments between Serve accounts, check capture, online bill payment and early direct deposit.

American Express Serve VERTICALS