Today In Data

Faster Is The Best Speed

Time is always of the essence, and it seems no one has any to spare, particularly when there’s money on the line. And time really is money, especially for businesses waiting on funds that believe getting payments up to real-time speeds will lower costs. Across the board, merchants and consumers are embracing a faster payments world, as seen by the spike in Same Day ACH transactions. It can also be seen in firms looking to marketplace SwipeSum to play payments matchmaker and help make sure their businesses are picking a timing-optimized payments plan. And the need for speed is visible around the world as consumers work to make P2P payments viable across borders.

$37 million:
What Ripio brought in for its initial coin offering.

$2.5 million: How much SMB processing “matchmaker” SwipeSum picked up in seed funding.

80 percent: The share of FIs and merchants that believe real-time payments will bring cost savings.

75 million: The number of Same Day ACH transactions processed in 2017.

5 percent–10 percent: The share of card data stolen in a breach that goes on to be used in fraud.