YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...

 
YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
YOUR BANK &
THE PAYMENT
SYSTEMS

Kevin Christensen,
- SVP, SHAZAM Network
- Acting Executive Director, US Faster Payments Council
YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
DISCLAIMER

This presentation and the information contained
herein are classified as confidential and shall not
be divulged, copied or distributed without the
express prior written consent of SHAZAM.
This presentation is based on industry and
financial information available at the time of its
creation; this information may be subject to
change at any time.

                             Proprietary & Confidential. © 2019 SHAZAM, Inc. All rights reserved. Information is of general
YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
• Strengthening community financial institutions

• Member-owned and controlled

• Making sure your voice is heard

• Choice and flexibility promoting interoperability and nondiscriminatory access

                                            Proprietary & Confidential. © 2019 SHAZAM, Inc. All rights reserved. Information is of general
YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
PAYMENTS INDUSTRY
 TRANSFORMATION
YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
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YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
PAYMENTS DEVICES

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                                                                                                                   Information
                                                                                                                         and
YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
PAYMENTS INDUSTRY TRANSFORMATION

          Security not                                   Make it
          my problem                                      easy

      Consumer                                                        Make it fast

                      I want it when
                     I want and how
                          I want
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YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
CORE DYSFUNCTION JUNCTION
 IS THERE A SOLUTION?

                                                                    JUST MAKE
                                                                    IT WORK!
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                                                                                                                     of presentation.
YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
THE BIG GET
    BIGGER AND
YOU’LL HAVE THE
OPPORTUNITY TO
      PAY MORE

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YOUR BANK & THE PAYMENT SYSTEMS - Kevin Christensen, SVP, SHAZAM Network - Acting Executive Director, US Faster Payments Council - Bank Holding ...
CONCERNS AND CONSIDERATIONS
MILLENNIAL
CONSIDERATIONS

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                                                              All rights       Information
                                                                         reserved.          is ofisgeneral
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                                                                                                               applicability
                                                                                       current as of date of presentation.
FUTURE OF CONSUMER ACCOUNTS?

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INDUSTRY INFLUENCE

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THE POWER OF TECHNOLOGY

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THE INFLUENCES — MARKET STRENGTH
             Rules complement
              technology and                                  Ownership of
             security to restrict                               EMVCo
             competitive choice

    Market influence over                                                       Ownership of
     hardware vendors                                                              PCI

                                 Ownership of
                                   the BIN
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INFLUENCE HAS IMPACT

    Technology
     influences                                 New fees for
    route of the                                  issuers
    transaction

  Fees are used                                   Reduced
  as incentives to                               margin and
    merchants                                      profit

                   Proprietary & Confidential. © 2019 SHAZAM, Inc. Information is of general applicability and current as of date of
WHY THIS MATTERS

   Propensity to let the market determine outcome
       Not a bad thing, but not a good thing
   What has history shown us?
   Efforts to circumvent routing choice during the
    deployment of new technology
   Current “security tech” deployed is not working
       Ahead vs. behind
       No freedom to develop

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IMPACT ON FASTER PAYMENTS
WHAT IS “FASTER”
   Another development similar to what we have experienced in the past
      Security, EMV, Mobile, Tokenization
      Not contrived technology but fundamental (e.g. text messaging)

   Is there a problem your institution needs to solve?

   How does “Faster” fit into your strategic and tactical plans?

   Where’s the industry heading and how does it fit with your institution?

   What solutions are there?
      Leverage existing systems – already here
      New rails – TCH RTP

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The Reality:

      Choice in faster
      payments has been
      harmed by network
      fragmentation and
      institutions that refuse
      payments

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                                                                            current as of   current
                                                                                          date      as of date of
                                                                                               of presentation.
WHY “FASTER” TACTICAL
   Business Value
      Shorten receivables easier to manage working capital

         Reduce back-office costs.
         • Efficiencies in exception management and improved posting and
           reconciliation of invoice-related information associated with the
           payment.
         • As ISO 20022 standards are widely adopted, businesses will be
           better equipped to integrate payment data with their enterprise
           resource management (ERP) systems for further treasury efficiency.

        Information that flows with the payment transactions. Allowing
         straight-through processing and better data management to make
         operational decisions. Where’s the industry heading and how does it
         fit with your institution?

        Improved security and fraud protection due to “push” transactions and
         tokenization.

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WHY “FASTER” STRATEGIC
   How critical are payments to your institution?
       Offense vs. Defense

   Millennials

   The FedEx / Amazon Effect

   Beware “wait and see” ----Blockbuster Video
      “The one that enrolls is the one that controls”
                                      Richard Crone

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DIGITAL STRATEGY
              VISION
                     Be the primary experience and
                      content partner between our
                      clients and their consumers

              OBJECTIVE
                     An integrated consumer
                      experience providing
                      convenient access to mobile
                      banking and card management
                      capabilities
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                                                                                                            is of general
FASTER PAYMENTS - RTGS

                 SHOULD
                 MY
                 INSTITUTION
                 WAIT?

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TCH RTP BUSINESS PRINCIPLES

Recognizing the unique position of the RTP®
network in the current U.S. payments market as
the only provider of faster real-time clearing and
interbank settlement, the Supervisory Board of The
Clearing House Payments Company L.L.C. (TCH)
has determined and directed TCH to operate and
maintain the RTP network in accordance with the
following principles:

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TCH RTP BUSINESS PRINCIPLES

Every   federally insured U.S. depository institution
 is eligible to directly participate in the RTP
 network in accordance with publicly available,
 nondiscriminatory eligibility requirements.
TCH   runs the RTP network as a utility for the
 benefit of the industry and RTP fees shall
 continue to be flat for all participants regardless
 of size, and shall not include volume discounts or
 minimum volume requirements.
The  RTP rules, message specifications, use
 cases, and other educational resources are and
 shall remain publically available.
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TCH RTP BUSINESS PRINCIPLES

The  RTP network is designed and shall be
 maintained to promote safety and efficiency, and
 to support the stability of the broader financial
 system and other relevant public interest
 considerations.
The  rules, overall strategy, and major decisions
 related to the RTP network shall reflect
 appropriately the legitimate interests of its direct
 and indirect participants and other relevant
 stakeholders.

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TCH RTP BUSINESS PRINCIPLES

To ensure relevant stakeholder interests are
 considered in the governance of the RTP
 network, TCH shall
  (i) establish one or more advisory committees with
  representation from non-TCH owner stakeholders (e.g.,
  corporate end users, community banks and credit
  unions, consumer advocates),
  (ii) participate in the Faster Payments Council,
  (iii) periodically solicit input on the RTP rules, and
  (iv) actively engage with regulatory agencies charged
  with responsibility for consumer protections, and safety
  and soundness of the financial sector.

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TCH RTP BUSINESS PRINCIPLES

All major decisions concerning the RTP network
 will be clearly disclosed to relevant stakeholders
 and, where there is a broad market impact, the
 public.
These  principles apply so long as the RTP
 network is the only provider of faster real-time
 clearing and interbank settlement.

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IBUPROFIN FOR THE
    HEADACHE
  And the fight for standards
HOT ON THE LEFT, COLD ON THE RIGHT?

             Proprietary & Confidential.
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                                                                                                           current
                                                                                                                applicability
                                                                                                                   as of dateand
                                                                                                                              of cu
HOT ON THE LEFT, COLD ON THE RIGHT!

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STANDARDS ARE IMPORTANT!

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WE THE PEOPLE                                    FINTECH

FINANCIAL INSTITUTIONS                 GOVERNMENT

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ENGAGEMENT

And how you can get involved!
SOLVING THE ISSUES
WE ALL NEED TO ENGAGE

   Issues are important to all of us
   Community institutions need your voice
   Your accountholders need your voice
   Grassroots, grassroots, grassroots
   Partner with those advocating on your behalf

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ADVOCACY AND POLICY
   SHAZAM is engaged with stakeholders to
    educate everyone on these issues
       Federal agencies
       Elected officials
       Our financial institution members

                                 Proprietary & Confidential. © 2019 SHAZAM, Inc. All rights reserved. Information is of general
Be Part of the Faster Payments Future
Introducing the U.S. Faster Payments Council

© 2018 U.S. Faster Payments Council. Materials are not to be used without consent.
Mission 2020: A Path to Faster Payments Ubiquity
Americans require a world-class payment system, where they can safely and securely pay anyone,
anywhere, at any time, and with near-immediate funds availability

 Consumer                                   Corporations                                                Small
                                                                                                       Business

                  © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.              43
Taking On Key Challenges
The FPC will address the issues that inhibit adoption of faster payments in the United States

                      Enhance safety and                                           Address opportunities
                      security for service                                         and emerging issues
                      providers and users                                               openly and
                       of faster payments                                             collaboratively

                                                      Education and
                                                    awareness to foster
                                                     understanding of
                                                     faster payments

                   © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.      44
How It All Started
Timeline

               2015                             2016                               2017                           2018
               January 2015                     January 2016                       January 2017                     April 2018
              Publication of Federal          Publication of the FPTF             Publication of the FPTF      Publication of the GFFT’s
             Reserve’s Strategies for          Effectiveness Criteria               U.S. Path to Faster         draft Operating Vision
           Improving the U.S. Payment                                              Payments Part One
                 System paper                                                                                  April - June 2018
                                                                                       July 2017              Broad Stakeholder Feedback
                  May 2015                                                       Publication of the FPTF
           Start of the Faster Payments                                           Final Report (with key          August 2018
                Task Force (FPTF)                                                 recommendation for a            Stakeholder Survey
                                                                                 governance framework)              Results Report

                                                                                   Summer 2017                       Fall 2018
                                                                                    Formation of the           Establishment of the FPC
                                                                                 Governance Framework
                                                                                 Formation Team (GFFT)

                         © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.                                45
Geared for Problem Solving

                                   Build confidence
                                   in faster payments
                                   •      FPC members will work together to identify and
                                          support market practices that enable high
                                          levels of market expectations for safety and
                                          security as the U.S. faster payments
                                          ecosystem matures.
                                   •      FPC will work with existing fraud sharing
                                          forums to more efficiently share information
                                          on fraud scenarios, attack vectors and
                                          prevention techniques, to help the industry
                                          pre-empt similar attacks.

         © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.   46
Breaking Down Barriers

                                  Resolve issues
                                  that inhibit ubiquity
                                  •      FPC will support strategies that provide
                                         end users with transparency into what to
                                         expect when making faster payments.

                                  •      FPC efforts will identify and assess a
                                         multi-entry directory model approach
                                         for the faster payments ecosystem.

        © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.   47
Partnering for Success

                                   Foster a better
                                   understanding
                                   of faster payments
                                   •      The FPC will develop an educational and
                                          awareness program that will complement
                                          initiatives led by other stakeholders.

                                   •      FPC education programs will offer the broadest
                                          reach across target audiences and focus on
                                          general information about faster payments
                                          that does not promote one solution over
                                          another.

         © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.   48
Driven by Common Goals
Guiding principles are at the core of how the FPC operates:

   Inclusiveness and Fairness
   Through segment-level representation on the Board and open opportunities to serve on committees
   and work groups, all active members have a voice in the direction of the FPC’s work.

   Flexibility and Responsiveness
   The FPC focuses on the broader good while upholding competitive prerogatives and respecting
   members’ ability to manage their own business operations. Members choose whether to
   adopt FPC recommendations and are able to implement them consistent with their individual
   organizations’ unique needs.

   Transparency
   The FPC has clear processes for deliberations and decision making that are open, transparent
   and objective. Open and inclusive opportunities to exchange opinions and resolve differences will
   ideally result in broad member support for FPC recommendations.

                   © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.   49
Members Make it Happen
FPC members can influence the future of faster payments in a variety of ways

                                                      Dialogue
    FPC Community: Be part of safe forums for dialogue that support innovation,
         inform system design, and enhance cross-solution risk mitigation.

                                                      Influence
       FPC Board: Set strategic direction and ensure processes, activities and
     recommendations of the FPC are consistent with its fundamental principles.

                                         Solve Problems
   FPC Workgroups and Committees: Influence decisions affecting the direction
                       of the FPC and its priorities.

                   © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.   50
Board Structure

 •   Board of Directors sets strategic direction and ensures FPC remains consistent with its
     fundamental principles
 •   The Board comprises up to 21 voting members representing the voting membership segments
 •   Each voting segment is allocated 3 seats, with 3 at-large seats
 •   No membership segment may have more than 4 seats
 •   Each membership segment will vote to fill its own segment’s board positions.

           Voting Segment                                                    # of Board Seats
           Financial institutions                                            3
           Payment network operators                                         3
           Technology providers                                              3
           Consumer organizations                                            3
           Business end users                                                3
           Other                                                             3
           At-Large Seats                                                    3

               © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.   51
Application Update
  As of April 2nd h

                                                                                                                    151 total
                                                 144 apps                        7 apps in
                                                                                                                      apps
                                                 invoiced                         process
                                                                                                                    received

                        APPLICATIONS BY REVENUE TIER                                                                  APPLICATIONS BY SEGMENT
                                                                                                                                 Consumer
                  Associate                                                                                                     Organizations
                                                                                                                                    3%
                                                                                                                      PaymentAssociate
               < $5 million
                                                                                                                      Network 5%
   $5 million - $10 million                                                                                           Operators
                                                                                                                         6%                            Financial
                                                                                                               Business End                          Institutions
 $10 million - $100 million
                                                                                                                  Users                                  34%
$100 million - $500 million                                                                                         8%

   $500 million - $1 billion

      $1 billion - $5 billion
                                                                                                                     Others
     $5 billion - $10 billion
                                                                                                                      21%
   $10 billion - $20 billion
                                                                                                                                        Technology
               >$20 billion                                                                                                              Providers
                                                                                                                                           23%
                                0   10      20      30      40      50     60      70      80

                                    © 2019 Faster Payments Council. Materials are not to be used without consent.                                                   52
20 Founding Sponsors

 •   Banker's Bank                                                          •     North American Banking

 •   BNY Mellon                                                                   Company

 •   Ceridian HCM                                                           •     Open Payment Network, Inc.

 •   Corporate ONE FCU                                                      •     SHAZAM

 •   Early Warning Services LLC                                             •     Target Corporation

 •   First Data Processing, Inc.                                            •     TD Bank, N.A.

 •   Goldman Sachs Bank USA                                                 •     The Bankers Bank

 •   ICBA Bancard                                                           •     The Clearing House Payments

 •   JPMorgan Chase                                                               Company, LLC

 •   MasterCard                                                             •     Visa

 •   New England Automated Clearing                                         •     Walmart

     House Association (NEACH)

               © 2019 Faster Payments Council. Materials are not to be used without consent.                    53
116 Members and 8 Associate Members
Continued on the next slide ➔
•   1debit                                    •      Commerce Bank                                     •   First National Bankers Bank
•   Abhishek Gupta                            •      Community Bankers Association of                  •   FirstBank
•   Accredited Standards Committee X9                Georgia, Inc.                                     •   FIS Global
•   Allan Stevo                               •      Community Bankers Association of                  •   Franklin Square Group LLC
•   Alston & Bird LLP                                Illinois                                          •   Frimp Giant Industry
•   Amerant Bank                              •      Community Bankers Association of                  •   Heartland Bank (Ohio)
                                                     Kansas
•   American Banker's Association                                                                      •   Hunton Andrews Kurth LLP
                                              •      Community Bankers Association of
•   American Express                                 Ohio                                              •   ICBA - Independent Community
•   Aptys Solutions, LLC                                                                                   Bankers of America
                                              •      Community Bankers of Michigan
•   Ascert, LLC                                                                                        •   Icon Solutions
                                              •      Community Bankers of Washington
•   Association for Financial Professionals                                                            •   InCircl Inc
                                              •      Consumer Action
•   AvidXchange                                                                                        •   Independent Bankers Association of
                                              •      Cypherium Blockchain Inc.                             New York State
•   Axletree                                  •      David Wishnick (Univ. of Pennyslvania
•   Bankers' Bank of the West                                                                          •   Independent Bankers Association of
                                                     Law School)                                           Texas
•   Barclays Bank Delaware                    •      Debit Network Alliance, LLC                       •   Independent Bankers of Colorado
•   BMA Banking Systems                       •      Discover Financial Services                       •   Independent Banks of SC
•   Bridge Community Bank                     •      Dorado Industries                                 •   Independent Community Bankers of
•   Catalyst Corporate Federal Credit         •      Ed Bachelder                                          Minnesota
    Union                                     •      Electronic Payments Core of                       •   Independent Community Bankers of
•   CDT Technologies, LTD a Texas                    Knowledge (EPCOR)                                     North Dakota / ICB Services, Inc.
    Corporation                               •      Electronic Transaction Association                •   Independent Community Bankers of
•   Center for Responsible Lending            •      EMVCo                                                 South Dakota
•   CFM Communications LLC                    •      ePayResources                                     •   International CyberBanque Ltd.
•   Click Payments Inc.                       •      ExcheQ, LLC                                       •   Iowa Bankers Association
•   CNB Bank & Trust                          •      Ferly, Inc.                                       •   Iowa Independent Bankers

                       © 2019 Faster Payments Council. Materials are not to be used without consent.                                            54
116 Founding Members and 8 Associate Members
Continued on the next slide ➔
•   Jack Henry                                •      Payroc                                            Oklahoma
•   Juniper Payments                          •      Payveris, LLC                        •            The Cooperative Bank
•   Liberty Bank                              •      PRM Payments                         •            The Mid-Atlantic Clearing House
•   Lipis Advisors GmbH                       •      PSCU                                              Association, Inc.
•   Mercator Advisory Group                   •      Q2                                   •            Tiller Endeavors
•   Merchant Advisory Group                   •      QCheque                              •            Tunnel Money
•   Midwest Independent Bank                  •      Radhakrishna Info Business Services •             U.S. Bank
•   Mindful Insights                                 IN IFFI SRO                          •            U.S. Dataworks
•   Missouri Independent Bankers              •      Randolph Brooks FCU                  •            UNB Bank
    Association                               •      Reef Karson Consulting, LLC          •            United Nations Federal Credit Union
•   MWBT LLC                                  •      Regina Williams Hendrick             •            Upper Midwest ACH Association
•   NACHA                                     •      Reinvestment Partners                             (UMACHA)
•   National Association of Convenience       •      ReliaFund                            •            Viewpointe Clearing, Settlement, and
    Stores                                    •      Retail Industry Leaders Association               Association Services, LLC
•   National Consumer Law Center              •      Ripple Labs                          •            Vments Inc
•   National Consumers League                 •      Sanjeeb Kumar Panda (Individual)     •            Volunteer Corporate Credit Union
•   National Retail Federation, Inc. (NRF)    •      Schuyler, Roche & Crisham P.C.       •            WACHA the Wisconsin Automated
•   Navigant Consulting Inc.                                                                           Clearing House
                                              •      Secure Payment Systems
•   North Salem State Bank                                                                •            Wells Fargo
                                              •      Shore United Bank
•   Pacific Coast Banker's Bank                                                           •            Western Payments Alliance
                                              •      SnapCheck, Inc.
•   Parity Pay                                                                            •            World Currency
                                              •      Southern Financial Exchange
•   PayGility Advisors LLC                                                                •
                                              •      Springcoin, Inc.
•   PaymentsFirst Inc.                        •      Sun Trust
                                                                                                       NOTE: These lists show all applications received
                                                                                                       through 3/7/2019, including those still going through
•   Payrailz, LLC                             •      The Community Bankers Association of              the vetting and approval process. Some Associate
                                                                                                       applicants may be required to reapply through their
                                                                                                       organizations rather than as individuals.

                       © 2019 Faster Payments Council. Materials are not to be used without consent.                                                     55
Join Us!
To learn more, request a consultation, or complete a
           membership application, visit
     FasterPaymentsCouncil.org

    “Alone we can do so little; together we can do so much.”
                                                                                      – Helen Keller

 © 2018 U.S. Faster Payments Council. Materials are not to be used without consent.                    56
Thank You!
Kevin Christensen
kchrist@shazam.net
515-418-0374
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