Electronic payments and banking systems provider ACI Worldwide will host an executive payments summit in New York and London on Wednesday to explore the opportunity for retailers, processors and billers to use payments disruption as a competitive advantage.
The summit, “The Disruption Opportunity: A Game-Changing Perspective on Payments,” will kick off with a NASDAQ bell-ringing ceremony at 9:25 a.m., followed by an executive panel that will discuss payments perspectives. Panel participants will include Bank of New York Mellon, Equens, First Data, McKinsey, Natixis Paiements, Virgin Money, Webster Bank and Wells Fargo.
ACI Worldwide President and CEO Phil Heasley will then keynote on the disruption opportunity, followed by a discussion on how real-time payments could affect the industry, to be led by Dan Frate, ACI’s group president of strategic products and global markets, and Jeff Hale, the senior vice president of retail payments at ACI.
Additionally, the summit will include a guest keynote address on payments transformation and the world economy from “Forbes Magazine” Editor-in-Chief Steve Forbes.
According to a recent ACI white paper, the current ACH payment and card network systems are “optimized and convenient” but are also “incredibly complex and inefficient.” The paper said many consumers erroneously believe that their payments are processed in real-time, but payments must pass through a number of parties to be completed.
ACI estimates that real-time payments could result in added benefits to the industry of between $18 billion and $22 billion.
“In seeking to replace the complex card payment systems currently in place, real-time, any-to-any payments must gain the participation of large retailers and banks to create a network effect capable of propelling the new system forward,” the paper said. “With effective communication and marketing of the advantages of real-time, any-to-any payments… as well as fraud prevention and loyalty components in place, the potential real-time, any-to-any payments network is poised to introduce the next step in the evolution of payments.”
Payments industry executives are encouraged to join the summit via a live webcast. Interested parties may register for the summit through ACI Worldwide.