Payment Modernization Off the Rails

In an episode of the “Off the Rails" podcast from the U.S. Faster Payments Council, Reed Luhtanen, Executive Director and CEO of the U.S. Faster Payments Council, speaks with Jonathan Shiery, Financial Services Partner at Guidehouse, about the benefits of payments modernization for the title and real estate industry.
 
Jonathan begins with an overview of the magnitude of the real estate market and how it is primed for payments modernization due to the many stakeholders of a transaction, including the broker, agent, lender, attorneys, inspectors, appraisers, and title and insurance companies.

Jonathan then discusses the challenges and inefficiencies of antiquated payment methods (checks and wires) used for these transactions. Challenges include lack of transparency, delays, manual errors, and fraud.
 
The conversation hits on the immediate benefits of transitioning to faster payment methods including a better customer experience, increased security, and a clear return on investment.
 
Finally Jonathan covers the roadblocks ahead to adoption including legacy thinking, state laws, and bank partnerships.

Listen to the Episode on Podcast Addict

This article is co-authored by Valerie Gorsh and Kevin Michels