Marcia Klingensmith
CEO Fintech Consulting, LLC
In this digital age, instant payments (FedNow and RTP) have emerged as a game-changer offering real-time transactions and greater financial control.
Financial Struggles of Americans
Did you know that according to the Federal Reserve study on Economic Well Being published this year, that 37% of Americans live pay check to paycheck? This staggering statistic highlights the urgent need for innovative solutions like instant payments.
This number also coincides with the number of American’s participating in the gig economy. Coincidence? I’m not so sure. While the gig story is projected as “flexibility and control”, most of these people are relying on gig jobs as a secondary source of income.
Instant Payments for Payroll
All companies should be evaluating how to offer their employees payroll via Instant Payments, to empower their employees with faster access to their hard-earned money.
More imperative than even Flexibility or Convenience
Today’s gig workers rely on instant payments, ensuring that they can quickly receive funds for their valuable services without delays.
When looking to pay a bill before incurring unwanted fees, there is nothing more helpful than having confidence that you have the funds in your account.
Real-Time Decision Making
With instant payments, gig workers can swiftly assess their financial situation, making informed decisions on taking up additional jobs to boost their income.
Benefits to those living paycheck to paycheck
- Financial Visibility : Instant payments provide the ability for individuals to receive funds in real-time, and thus have transparency and confidence in their bank balance, enabling better budgeting and reducing the risk of overdrawing their account.
- Avoiding Fines and Penalties: When an individual is paid the same day as the work done, they are then in a position to promptly settle bills, avoid late payment penalties and maintain a solid financial standing.
- Opportunities to make up shortfalls: When these individuals assess their financial situation and see a shortfall, they are then able to control their workflow and take on other gig opportunities to make up the difference
- Improved peace of mind: By eliminating financial uncertainties, instant payments offer a sense of security, and peace of mind, reducing stress and fostering financial well-being
Through the power of instant payments, we have the opportunity o redefine financial inclusion and alleviate the challenges faced by those living paycheck to paycheck. By embracing this and integrating instant payments into payroll solutions, we can create a more equitable and accessible financial system for all.
#instantpayments #realtimepayments #instantpaymentusecase #fednow #rtp #payroll #financialinclusion #esg #thefutureisnow
Marcia Klingensmith
CEO Fintech Consulting, LLC
As CEO of Fintech Consulting, LLC, Marcia is a driving force for instant payment strategies for financial institutions, fintechs and other organizations. With a commitment to innovation, she delivers training, strategy workshops, and her proprietary “instant payments in a box” approach, to empower organizations to succeed in the ever-evolving payments landscape.
With a career spanning over 15 years in financial services, 10 years of technical project management, coupled with 5+ years focused on fraud and identity, Marcia is a thought leader at the forefront of emerging payments. Her legacy includes shaping secure, game-changing products and solutions, leading global cross-functional teams. She has honed her expertise at industry giants like Bank of America, Wells Fargo, Visa, LexisNexis Risk Solutions, and FIS Global. Marcia is admired for her ability to create a clear vision of the future, connect people to the vision, and bring transformative solutions to market
Dive into the heart of instant payments evolution with the Balkans Instant Payments Round Table. As a dynamic regional forum, we're gathering the industry's brightest minds, financial experts, and technology pioneers to drive the transformation of payments in the Balkans region. Join this intimate and engaging discussion that delves into the intricacies of instant payments. This round table brings together key stakeholders from across southeastern Europe including Albania, Croatia, Greece, Serbia, Slovenia and more to explore challenges, share best practices, and foster collaboration that propels the adoption of instant payment solutions.
Unveil the untapped potential of instant payments in the Baltics. From financial institutions to cutting-edge fintech disruptors, this round table convenes a diverse array of stakeholders to uncover opportunities, streamline processes, and enhance the financial fabric of the Baltic region. Join us for an illuminating dialogue that transcends borders and explores the nuances of instant payments. The Baltics Instant Payments Members Round Table Meeting is your platform to share insights, exchange ideas, and collaborate with fellow industry experts from Northern Europe including Estonia, Latvia, Lithuania in a vibrant atmosphere conducive to innovation and growth. 
Step into the forefront of the instant payments revolution with the Central Europe Instant Payments Round Table. As a premier regional platform, we're assembling the sector's leading thinkers, eminent financial professionals, and innovative tech trailblazers to catalyze the metamorphosis of payments in Central Europe. Engage in a deep and insightful conversation that navigates the complexities of instant payments. This round table amalgamates pivotal stakeholders from across Central Europe, encompassing countries like Poland, Czech Republic, Slovakia, Hungary, and more, aiming to dissect challenges, disseminate best practices, and cultivate a synergy that accelerates the embrace of immediate payment methods.
Embark on a journey into the epicenter of instant payments progression with the Benelux Instant Payments Round Table. As a distinguished regional convocation, we are rallying the industry’s foremost intellects, esteemed financial leaders, and avant-garde tech innovators to spearhead the renaissance of payments within the Benelux domain. Immerse yourself in a profound and constructive discourse that ventures deep into the subtleties of instantaneous transactions. This round table melds pivotal figures from Belgium, the Netherlands, and Luxembourg, endeavoring to untangle challenges, promulgate top-tier methodologies, and nurture alliances that advance the adoption of real-time payment frameworks.
Delve into the nexus of instant payments transformation with the Iberia Instant Payments Round Table. As a distinguished regional assembly, we're mobilizing the sector's top strategists, revered financial authorities, and trailblazing tech visionaries to pioneer the next era of payments in the Iberian peninsula. Engage in enriching dialogues that dissect the fine details of immediate transactions. This round table assembles vital influencers from Spain and Portugal, striving to address challenges, propagate effective strategies, and foster partnerships that bolster the swift adoption of instant payment mechanisms.
Embark on a transformative odyssey with the Nordics Instant Payments Round Table. As a paramount regional confluence, we're aggregating visionary thinkers, influential financial figures, and edgy tech disruptors to recalibrate the payment landscape of the Nordic region. Plunge into captivating discussions that spotlight the intricacies of on-the-spot transactions. Converging stakeholders from Sweden, Norway, Denmark, Finland, and Iceland, this round table sets the stage to confront challenges, share pioneering insights, and craft collaborations that elevate the trajectory of instant payment modalities.
Venture into the vanguard of instant payments advancements with the UK & Ireland Instant Payments Round Table. As an elite regional gathering, we're bringing together the brightest luminaries, financial stalwarts, and pioneering tech minds to shape the future of payments in the British Isles. Dive into in-depth discussions that tackle the nuances of real-time payments. Drawing participants from across the United Kingdom and Ireland, this round table aims to navigate challenges, exchange unparalleled insights, and stimulate collaborations that amplify the momentum of instant payment innovations.
Explore the cutting edge of payment evolution at the DACH Instant Payments Round Table. As a premier regional symposium, we're rallying industry vanguards, esteemed financial luminaries, and groundbreaking tech architects to champion the modernization of payments across Germany, Austria, and Switzerland. Engage in insightful exchanges that delve deep into the world of instant payments. With representation from the heart of Central Europe, this round table endeavors to discern challenges, spread exemplary practices, and weave connections that supercharge the uptake of instantaneous payment systems.