Truist Bank, ranked among the top 10 banks in the United States and 67th globally with assets totaling $535 billion, seeks to differentiate itself in the competitive banking landscape. Chris Ward, Executive Vice President for enterprise payments at Truist, shares insights into the future of payments, emphasizing the bank’s commitment to customer-centric service focused on speed and simplicity.
Since joining Truist over two years ago, Ward has leveraged his extensive experience in treasury management from previous roles at PNC, Capital One, and Wells Fargo. He believes that the primary goal is to be a trusted payments provider, stating, “We’re really trying to focus on being the trusted payments provider for our clients.” He articulates this mission through the lens of three key themes: simplicity, speed, and safety. Consumers, regardless of their size, aim for uncomplicated banking experiences, paralleling the expectations of businesses serving their clients.
Ward, also a board member of The Clearing House and representative on the Early Warning/Zelle management committee, acknowledges challenges related to fraud within payment systems like Zelle. He expresses confidence in the industry’s efforts to enhance safety and manage fraud risks, while also reminding users about their responsibility when engaging in transactions.
On the topic of future trends in treasury and payments, Ward sees great potential for ongoing technological evolution. He highlights the importance of offering competitive and automated solutions that enhance consumer safety during transactions. He mentions the role of platforms like Paze, designed to streamline online checkout.
Turning to ISO 20022 standardization, he remains skeptical about its ability to eliminate checks in the near future. While he recognizes that this standard can provide richer remittance information, he points out the necessity of integrating payment and remittance details simultaneously to truly enhance the electronic payment experience.
Discussing the potential impact of artificial intelligence (AI) in business banking, Ward envisions a gradual integration over the next decade. He anticipates that AI will improve fraud detection and trend analysis, although he cautions about the twin risks posed by cybercriminals and the need for robust data management practices.
Ward also views Real-Time Payments (RTP) as a transformative force for addressing common payment challenges. RTP allows for instant payment confirmations, reducing uncertainty in transactions and providing businesses with the ability to manage cash flow more effectively.
In conclusion, while advancements in payment technologies hold promise for greater efficiency and transparency, Ward emphasizes the need for patience as the U.S. regulatory environment adapts to these innovations. The focus remains on delivering customer value by simplifying and speeding up payment processes.