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Complete Story
09/25/2023
Faster Payments Means Faster, Better Fraud Fighting Tools
PYMNTS
According to Pradheep Sampath, CPO at Entersekt, the rise of instant payments demands a new approach to fighting fraud.
“There’s certainly a buzz in the air” about faster payments, he told PYMNTS, noting that the FedNow® Service’s launch has received a lot of attention since its July debut — and rightfully so. But instant payments are not necessarily new, as The Clearing House’s RTP network has been around since 2017.
The advantages of faster payments are numerous, according to Sampath. The general premise is that people and businesses can get paid faster at a lower cost per transaction, improving everything from payroll functions to insurance claims payouts.
“But faster payments mean that we also need to be on the ball [to] mitigate and manage risk faster, too,” he added.
That’s especially true with instant payments which, as it stands now, are immutable and irrevocable.
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