Paper may be dead but it is still possible to innovate with the traditional payment methods of the automated clearing house (ACH) and cheque. Matthew Leavenworth, director of product innovation and disbursements at Bank of America Merrill Lynch (BAML), argues that it is these payment methods that have the most potential for innovation.
Instead of writing paper cheques and sending them in the post, a similar experience – but paperless and much quicker – is now possible through peer-to-peer payments networks such as ClearXchange, a service created by BAML, Wells Fargo and Chase. All an individual needs to make a payment through this network is the recipient’s email address or mobile phone number.
