I was asked to speak on a panel at the inaugural IOFM Payment Summit. IOFM has done a great job of assembling payment providers, accounting personnel and technologist to take three days to learn more about the future of the payment industry.
The group that I spoke with had a wide range of experiences and when it came my time to talk I spoke about the future of payments. The purpose of the panel was to discuss trends in the payment industry, but the way the conversation was moving the theme that emerged was when will paper checks go away. There was a lot of talk about paper checks on the panel and in the audience. The discussion turned to age… can you believe that.. age? The group seemed to be comfortable that as new and younger leadership comes along the idea of the paper checks would disappear as the old school dies off (what a morbid thought).
I tried to give another view… I told the group that each payment type has a purpose, and in the future we will develop technology that will help identify and execute on that purpose. There will be hubs or portals that will take a single signal or file from an accounting system and based on the company that is being paid the hub or portal will decide the method of payment and even the amount (for dynamic discounting or capturing discounts). The point I was trying to make is the purpose is attached to the method of payments. I was real happy with my contribution… Here is what I got… blank stares… I guess they are not ready for it.
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