Monica Eaton Says Blockchain Payments Enable “Instantaneous Payments”
Monica Eaton, Co-Founder and COO of Chargebacks911, recently spoke with the folks at Disruptor Daily to offer her take on where payments are headed in the coming years.
Disruptor Daily is a leading resource for news and information about blockchain technology. The site looks to experts in diverse tech fields including banking, logistics, retail, and more, to offer insights about where blockchain technology will be most disruptive.
At present, we process interbank payments via the Automated Clearinghouse (ACH) network. This process involves multiple records that must be reconciled against one another with every transaction, costing added time and money, as well as creating the potential for errors. The blockchain model, in contrast, could be the solution to this problem.
“I believe we’ll eventually see moves to transition our existing payments infrastructure from an automated clearinghouse (ACH) model to a blockchain system,” Monica says. “Running payments on a blockchain makes it possible to see more-or-less instantaneous payments processing and settlement, while seeing significantly less room for error and fraud.”
Monica, along with 20 of her fellow payments industry professionals, shared their insights on this topic.
Check out the full roundup below:
