As fintech continues to create value through expanded access to financial services, banks have the opportunity to partner to provide better product support and customer experiences.
With the internet providing increasingly new ways to distribute and interact with financial products, the banking industry is losing ground to new fintech entrants. Modern Treasury can provide the software to help banks compete. In this journal, we take a look at the opportunity that exists for us to work better together.
Last month, Nacha released their top 50 ACH Originators, which included some surprisingly small financial institutions. In this By The Numbers journal, we dig into how tech forward banks are pursuing new strategies for revenue growth, enabling them to compete with bigger banks.
As a category, moving money instantly is often called “faster payments.” Faster payments are defined by three attributes: speed (instant), availability (24x7x365), and confirmation (available to both sender and receiver immediately). And though we think of the United States as a global leader in innovation, when it comes to faster payments, we are lagging way behind.
At Modern Treasury, we place a strong emphasis on building systems that behave predictably and are resilient to failures. An important characteristic of these systems is that they are idempotent. In this article, we’ll explain what being idempotent means and why it is important for systems that handle payments like we do at Modern Treasury.