Fireside Chat: Overcoming the Challenges Involved with Modernizing the Payments Process
Editor at Large, American Banker
Chairman, CBW Bank
Suresh Ramamurthi will examine the foundational challenges that deter improvements to the payments process and how financial institutions can overcome them to meet the demands of an increasingly mobile generation. Although the industry has been attempting to deliver faster, real-time payments for years, regulatory and compliance concerns handcuff most solutions from making any progress while deficiencies in existing core banking systems pose problems as well. For these reasons, Ramamurthi addressed risk management from the start and completed one of the first bank account overhauls in nearly a decade. Starting with CBW Bank’s core foundation, Ramamurthi designed a new bank account structure, rebuilt critical payment channels and embedded a real-time compliance and risk scoring platform. With this framework, the bank reduced the time to deliver a payment from three days to one minute and users now have the ability to send payments at any time. By eliminating the current limitations of the payments process, financial institutions can deliver secure, real-time payments and meet the evolving demands of today’s consumers.