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Anti-Fraud Measures Need to Work at the Speed of Instant Payments
The financial landscape is constantly in flux — and now it’s getting a little faster.
As instant payments gain prominence, the strategies, challenges and potential impacts of the money movement vehicle all hinge on one thing: adoption by both consumers and businesses.
“The user experience needs to be seamless and easy to use,” Mike Storiale, vice president of innovation development at Synchrony, told PYMNTS for the series “What’s Next in Payments: Instant Payments: What Will Turbocharge Instant Payments Growth in 2024?” “If we’re going to make something faster, then the assumption is that it is going to be better for the consumer.”
He highlighted the need for seamless and easy-to-use interfaces, emphasizing that making payments faster should also make the entire process better.
“Ultimately, we need education and trust for the consumers and for the businesses about not only the benefits of instant payments around speed, the convenience and security, but also how to mitigate fraud and make sure that everyone is staying safe in an evolved ecosystem,” Storiale said.