Thursday, 26 January 2023
1 pm EST

The next step for faster payments: Interoperability

In partnership with

Why attend

For many US banks, next year's summer blockbuster will be the launch of FedNow, as what many are seeing as the next milestone in the move to real time payments in the US. With the system joining the existing RTP system with both promising to modernize the way money moves and allow for greater use of instant payments, it seems the shift to real-time payments is 'inevitable'.

But like every great movie there is always a twist.

Whether we will see these services gain traction is tied to what many believe to be a major hurdle, that of interoperability. As it stands FedNow may not interoperate with the other faster payment operator RTP, and discussions on the two eventually getting to message interoperability don’t seem to be a priority. So, whilst the big banks may take on the expense of connecting to both systems, smaller banks may not have this luxury.

In our upcoming webinar we look at the issues surrounding interoperability and real time payments, including:

• What the recent rules for FedNow that the fed announced mean for interoperability and what are some of the concerns.

• What the banks should consider given the rule and how they might still manage the risk.

• Why not allowing intermediary banks to play a role will have a big impact on banks and the approaches they take.

• What options there are for those wishing to be on both systems.

The key take-aways

What the recent rules for FedNow that the fed announced mean for interoperability and what are some of the concerns.

What the banks should consider given the rule and how they might still manage the risk.

Why not allowing intermediary banks to play a role will have a big impact on banks and the approaches they take.

What options there are for those wishing to be on both systems.

The webinar panel

Click to view full speaker details

Michael Knorr, CIB Industry & Advisory Lead | WELLS FARGO

Head of Payments & Liquidity Management
Global Treasury Management – Banks (formerly known as Global Payment Services)
Wells Fargo Commercial Bank

Michael is managing settlement servicers as well as liability products for Global Payments Services. The mission of his group is to facilitate reliable settlement services, drive industry standardization, and attract high quality operating deposits. In his current role Michael is focused on deposit services, intra-day liquidity management, cyber risk issues, ISO 20022 implementation and emerging payment solutions.

Michael is the co-chair of the Global Payments Market Practice Group and a member of various industry groups such as, SWIFT US Cash and Trade Sub-Committee, Instant Payments Plus, X9 and the High Value Payments Plus working group.

Prior to joining Wells Fargo & Co. Michael was managing Enterprise Services for Citibank Treasury & Trade Solutions (TTS) and functioned as the data governance officer for TTS. Michael represented Citibank on the CHIPS Business Committee and the Fedwire Wholesale Payments Committee.

Various assignments for Citibank in Chicago, London and New York allowed him to lead new market initiatives such as EMU, CLS and TARGET as well as create new products in Payroll Cards, Commercial Cards, FX Settlements and Global Currency Clearing.

Michael holds an MBA in Finance and Information Services from Indiana University in Bloomington, Indiana. He earned his undergraduate degree in Management Information Systems from the University of Duisburg, Germany.

Irfan Ahmad, Managing Director, Head of US Payments, GTS | BANK OF AMERICA

Eralda Hasani, Director, Immediate Payments Product Management | BNY MELLON

David Scola, General Manager for US | FORM3

Dave joined Form3 in 2022 in order to lead the charge to bring Form3's platform and capabilities to bear on the US market.

Dave has worked in transaction banking for over 20 years and has joined Form3 from SWIFT where he was Chief Executive for the Americas, UK and Ireland with responsibility for the company's largest relationship as well as its global securities business.

Prior to SWIFT, Dave was the Global Head of Financial Institutions at Barclays, responsible for the bank's correspondent banking, FI trade, flow FX, and liquidity management businesses for FIs.

He has also worked at Deutsche Bank and Bank of New York in both product and strategy roles and across various products lines including cash, trade finance, custody and corporate trust.

Dave holds a MSc in Development Economics from the School of Oriental and African Studies in London, and a BSFS in International Relations from Georgetown University

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This webinar is in partnership with

Form3 provides Banks and regulated Fintechs across the globe an end-to-end managed payments service that delivers complete payment processing, clearing and settlement to the universe of payment schemes through a single API. Our platform handles everything so you can focus more on serving your customer’s needs and less on managing payments infrastructure.

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