Podcasts

Real world blockchain applications with ACI’s Mark Ranta

  • Blockchain technology is still too immature to go to market for many use cases.
  • ACI's head of digital banking solutions names a few areas he sees more ready for primetime.
close

Email a Friend

Real world blockchain applications with ACI’s Mark Ranta

On this week’s episode of the podcast, Tradestreaming reporter Josh Liggett interviews Mark Ranta, the global head of digital banking solutions at ACI Worldwide. Mark is responsible for the day-to-day management of the consumer digital banking offerings within ACI.

Josh and Mark discuss tough issues about the changing payments landscape, zeroing in on blockchain and distributed ledger technology. Mark shares his views on the acceleration of payments and what’s really holding things back.

Can blockchain really be the future payment rails? Listen on to find out.

Subscribe: iTunes I SoundCloud

Below are highlights, edited for clarity, from the episode.

The speed of blockchain

When you look at blockchain and its potential, the biggest thing for us about the speed of payments is the transparency at the final piece of the puzzle — the running through the final clearance of the payment and the money moving from account to account through a central bank. That final clearance of the payment is probably the hardest thing to speed up today. With blockchain, the movement is instantaneous from ledger to ledger. The clearing and final settlement would work in an instantaneous and transparent manner.

Getting institutions together on the blockchain

There’s another piece of competing technology that has a say in the discussion: open APIs. The idea of working together as an ecosystem is being driven hard by open APIs and the Payment Service Directive II in Europe. You see us coming together as a community to work through how we’ll set up our APIs to enable third party payment providers to come into the ecosystem and elevate the pool for everyone. The mental shift that’s happening around APIs — that innovation can happen outside our walls — can help our blockchain discussion regarding working together as part of an ecosystem.

ACI’s PoC with central banks

At a high level, ACI was looking at blockchain from a payments perspective. We wanted to take a look at whether blockchain could be the future payment rails. We found that the blockchain can work. We also wanted to see where the technology is on its maturity curve on the consumer side. The current technology, though, is too immature to handle the amount of volume from a consumer payments perspective. We do see blockchain as being mature enough to move to market in corporate payments and some of the cross-border remittance cases like the kind Visa and Plaid announced at Money 20/20.

0 comments on “Real world blockchain applications with ACI’s Mark Ranta”

Modern Marketing, Podcasts

The Acquire Podcast Ep. 9: How Oxygen’s new debit loyalty program Elements is winning rebels and change makers

  • Oxygen’s SVP, head of business development and strategic partnerships Ryan Conway, and creative director Sani Gad join us on the Acquire Podcast.
  • ‘You name it, they tried it’ – including a hit summer tune with Megan Thee Stallion.
Rebecca Alma Cohen | May 17, 2022
Podcasts

The Banking Podcast Ep. 18: Faced with a bad market, will financial super-apps-in-the-making revert to what they’re good at?

  • In this episode of Tearsheet's Banking Podcast, your hosts Zack and Josh explore the impact bad markets will have on banking and fintech.
  • Also discussed: banks moving into BaaS models, BNPL regulation, and crypto mortgages.
Zachary Miller | May 16, 2022
Library, Podcasts, Sponsored

Case study: How Intuit’s newest upgrade of Mint helps consumers save on bills and subscriptions

  • In our latest case study, we spoke with Intuit Mint and ApexEdge about how they enable better money decisions and financial wellness.
  • Listen in or read through our conversation with Varun Krishna and Steven McKean about building and launching a partnership that takes PFM further.
Tearsheet Editors | May 16, 2022
Podcasts

The challenges and opportunities for stablecoins in traditional finance with Paxos’ Mike Coscetta

  • There's an acceptance that stablecoins will be the intersection between traditional finance and the new world of blockchain.
  • But is that right? We speak to Paxos' head of revenue, Mike Coscetta to learn more.
Zachary Miller | May 11, 2022
Modern Marketing, Podcasts

The Acquire Podcast Ep. 8: Billboards, donuts, and QR codes: Flexbase is building awareness

  • Flexbase’s CEO Zaid Rahman and head of growth Joey Randazzo join us on the Acquire Podcast.
  • From blanketing one city at a time, putting up billboards off highways, and shipping mysterious donut boxes – their awareness campaign is doing new things.
Rebecca Alma Cohen | May 10, 2022
More Articles