Marcia Klingensmith

In a recent article for PaymentsCMI, FinTech Consulting CEO Marcia Klingensmith explores the challenges SMBs face in the current payments landscape. High credit card processing fees and the hidden costs of cash handling leave many businesses feeling squeezed. Marcia highlights how instant payments, enabled by various rails like FedNow and Visa Direct, offer a powerful solution.

Instant payments provide immediate settlement, improved cash flow, and lower transaction costs, all of which… Show more

In a recent article for PaymentsCMI, FinTech Consulting CEO Marcia Klingensmith explores the challenges SMBs face in the current payments landscape. High credit card processing fees and the hidden costs of cash handling leave many businesses feeling squeezed. Marcia highlights how instant payments, enabled by various rails like FedNow and Visa Direct, offer a powerful solution.

Instant payments provide immediate settlement, improved cash flow, and lower transaction costs, all of which are vital for SMB growth. They also enhance customer experience and enable innovation, making them a win-win for businesses and consumers alike. Marcia provides compelling examples of how instant payments are already being leveraged in diverse industries, from transportation to the gig economy.

This insightful article underscores PCMI's thought leadership in the payments space and encourages businesses of all sizes to embrace the instant payments revolution. It's a must-read for anyone interested in the future of finance!

#InstantPayments #SMBs #FinTech #PaymentsModernization #PCMIInsights #TheFutureIsNow #InstantPaymentsMaven Show less

n the U.S., the rise of the on-demand economy, where gig work and freelance platforms are prevalent, has led to a growing need for instant access to earnings. With 78% of Americans living paycheck to paycheck, instant payments offer a financial lifeline, providing flexibility and stability in an unpredictable economy.

This shift presents opportunities for financial institutions:

Banks: Can attract underserved gig workers and freelancers with tailored products.
FinTechs: Can… Show more

n the U.S., the rise of the on-demand economy, where gig work and freelance platforms are prevalent, has led to a growing need for instant access to earnings. With 78% of Americans living paycheck to paycheck, instant payments offer a financial lifeline, providing flexibility and stability in an unpredictable economy.

This shift presents opportunities for financial institutions:

Banks: Can attract underserved gig workers and freelancers with tailored products.
FinTechs: Can develop innovative solutions like instant pay apps.
Payment Networks: Can capitalize on increased transaction volume.
However, the gig economy isn't always a choice but often a necessity. Instant pay can promote financial inclusion by:

Bridging the Gap: Helping gig workers avoid predatory lending and build financial stability.
Data Insights: Providing valuable data to develop targeted products and services.
Earned Wage Access (EWA) solutions like DailyPay offer access to earned wages before payday, typically for a fee. This market is projected to grow, with increasing demand for real-time access to earnings. However, responsible usage is crucial, and regulators are starting to address potential risks.

Instant pay benefits everyone:

Employers: Attract talent, boost morale, optimize cash flow, and enhance their brand.
Employees: Improve financial wellness, reduce stress, and gain flexibility.
Disbursement/Payroll Companies: Tap into a growing market and mitigate risk.
The demand for instant pay presents a significant market opportunity. As traditional payroll cycles become less relevant, financial institutions can leverage instant payment solutions to differentiate themselves and cater to the evolving needs of the workforce. Show less

The Practicalities of Cross-Border Payments in a Faster Payments World research report builds on the FPC’s previous white paper, Cross-Border Faster Payments, which focused on use cases and user expectations for cross-border faster payments.

Developed by the FPC Cross-Border Payments Work Group, the report delves into the history of cross-border payments, examining the evolution from ancient trade routes like the Silk Road to modern-day global financial systems. It explores the… Show more

The Practicalities of Cross-Border Payments in a Faster Payments World research report builds on the FPC’s previous white paper, Cross-Border Faster Payments, which focused on use cases and user expectations for cross-border faster payments.

Developed by the FPC Cross-Border Payments Work Group, the report delves into the history of cross-border payments, examining the evolution from ancient trade routes like the Silk Road to modern-day global financial systems. It explores the challenges faced by financial institutions in correspondent banking relationships, shedding light on regulatory compliance, security concerns, foreign exchange rate risks, and the impact of fintech players entering the field. Show less

Discover how 3DS is adapting to new payment trends like CBDCs, cryptocurrencies, and instant payments, enhancing security and reducing friction. Join us for a concise yet insightful journey through the changing landscape of payments!

Unlocking Innovation: Instant Payments and ISO 20022 Reshaping Financial Operation Vijay Anand, Mastercard’s Head Products, Digital Payments & Payments...

Join us as Marcia shares her invaluable insights on the top trends and opportunities that financial services organizations can leverage in today's ever-evolving payments marketplace.

In this engaging new episode, Marcia Klingensmith, Director at Payments Consulting Network, delves into the world of instant payments with Alloy Labs’ Venture Partner, Peter Davey, a leader in real-time payments innovation.

After driving product innovation at the Clearing House and now at Alloy Labs, he focuses on addressing challenges for community banks and credit unions, emphasizing the need to simplify and enhance connections to instant payment networks.

Tune in to discover… Show more

In this engaging new episode, Marcia Klingensmith, Director at Payments Consulting Network, delves into the world of instant payments with Alloy Labs’ Venture Partner, Peter Davey, a leader in real-time payments innovation.

After driving product innovation at the Clearing House and now at Alloy Labs, he focuses on addressing challenges for community banks and credit unions, emphasizing the need to simplify and enhance connections to instant payment networks.

Tune in to discover why institutions must take incremental steps toward modernization and think of the importance of partnerships and shared efforts in navigating the changing landscape of instant payments. Show less

Explore the dynamic world of payment solutions in this engaging conversation with fintech expert Marcia Klingensmith, CEO of FinTech Consulting. In this podcast, Klingensmith discusses the critical elements of a modern payment solution, compassionate options such as "skip-a-pay" for those facing financial hardships, and the innovations of instant payments. This episode also offers a glimpse into the future of payments, highlighting the significance of emerging technologies like cloud-based… Show more

Explore the dynamic world of payment solutions in this engaging conversation with fintech expert Marcia Klingensmith, CEO of FinTech Consulting. In this podcast, Klingensmith discusses the critical elements of a modern payment solution, compassionate options such as "skip-a-pay" for those facing financial hardships, and the innovations of instant payments. This episode also offers a glimpse into the future of payments, highlighting the significance of emerging technologies like cloud-based services. Show less

Conversation with Lindsay Lehr and Erin McCune from Bain & Company

The realm of supply chain management is a complex web of interconnected processes and relationships. From procurement to order fulfilment, managing cash flows and reconciling invoices, the entire supply chain can benefit from more streamlined and transparent processes. In this landscape, instant payments can have a game-changing impact, offering opportunities for automation, transparency, and enhanced efficiency.

How can financial institutions connect to FedNow?

With the imminent public launch of FedNow, the Federal Reserve‘s instant payment service, we sought insights from the fintech industry to gauge their sentiments and assess the service’s potential impact.