Chicago Payments Startups Tackle the Tough Problems
Solutions presented at the February Chicago Payments Forum meet-up focused on credit-card fraud, accounts receivables, merchant access, and consumer identity. Four Chicago-based startups presented to about 50 professionals with interests across the payments ecosystem attended, including bankers, startup founders, investors, lawyers, and marketers.
U.S. Faster Payments Present and Future
Everyone wants to get paid faster. As faster payments systems come online from central banks around the world.
That’s changing as consumers come to expect payments to work as immediately as commerce in general. The Chicago Payments Forum hosted two startups providing solutions for immediate payments at Chicago law firm Neal, Gerber & Eisenberg on Wed. Oct 10. The forum runs meet-ups dedicated to building a community of payments professionals in Chicago.
Fed Suggests Realtime Payments Settlement Scenarios
Given the acceleration of commerce and technology, the future almost certainly will mean increasingly growing volumes of faster payments.
Fed governor Lael Brainard, who chairs the board’s Payments, Clearing, and Settlements committee, made the announcement in a speech to the Fed’s Payments Improvement Community Forum in Chicago. The nationwide interbank settlement system would promote “broad access and resilience” and ensure that banks of all sizes have access to real-time payments over the long term, she said.
Madness in Marijuana Payments – Part 2
The lack of a viable financial system no longer makes sense on multiple levels.
The lack of a viable financial system no longer makes sense on multiple levels. First of all, many consumers continue to view cash and checks as their primary payment options. In addition, there are still some businesses that only take checks for payments! Finally, there is a segment of the population that does not have access to a bank account, a requirement for funding an e-wallet, or most other mobile payment options.
Digital Payments Are Evolving as Cash Loses Popularity
Digital payment options are evolving quickly with features that appeal to both merchants and consumers.
First of all, many consumers continue to view cash and checks as their primary payment options. In addition, there are still some businesses that only take checks for payments! Finally, there is a segment of the population that does not have access to a bank account, a requirement for funding an e-wallet, or most other mobile payment options.
The Payments Elephant
“By the time we started our meeting that evening, the price had broken $14,000. It’s a trader’s dream and investment success so far.”
Collin Canright moderated a meeting of the Chicago Payments Forum last night to discuss payments developments in 2017 and how they will affect the business in 2018 and beyond. In putting together the overview, it occurred to me that right up front we had to address the elephant in the room: bitcoin.
Will Cash Disappear?
In 1967, the very first ATM was installed by Barclays in London. Over 50 years later, there are millions of handy machines installed in convenient (and not so convenient) locations around the world – even in Antarctica. Even though the ATM is ubiquitous, it is becoming obsolete as cash is becoming displaced by alternative purchasing options.
Mobile Payments Past and Future
More than 50 people showed up on a lovely late-summer Chicago evening to listen to me and two panelists from the Federal Reserve Bank of Chicago talk about “Mobile Payments: Looking Back, Looking Forward.” We were thrilled at the turnout, as was co-sponsor FinTank.