Monica Eaton Says Instant Payments Demands Consistent Standards
The new FedNow™ service promises to bring instant payments settlement to the US market. However, Chargebacks911® COO Monica Eaton suggests this new platform will create vulnerabilities, too, as outlined in a new feature for ValueWalk.
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On one hand, 80% of all business owners say they’d like to have the benefits of instant payments settlement. At the same time, this would mean completely overhauling the entire payments process. And, given that the existing process already has plenty of oversights and shortcomings, this would create problems.
Monica highlights chargebacks as an area in which we could see substantial vulnerability. We have no clear-cut, universal chargeback process, and until we do, any change will just be superficial.
“First we need to establish consistent and fair standards for chargeback process and management,” Monica says. “Only then can we start talking seriously about instantaneous payments really working.”
