THE VALUE PROPOSITION FOR BANK OWNED DIRECTORIES. GACHA Solutions Conference September 20, 2013

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1 THE VALUE PROPOSITION FOR BANK OWNED DIRECTORIES GACHA Solutions Conference September 20, 2013

2 TOPICS The Clearing House UPIC Electronic Bill Presentment (EBIDS) Healthcare Payments P2P Emerging Payments Concept 2

3 THE CLEARING HOUSE: At the Center of Banking Since 1853 RICH HERITAGE BROAD REACH AND SCALE CREDIBILITY, INTEGRITY AND EXPERIENCE Originally established in 1853 to bring order to clearing and settling between banks, today thousands of financial institutions around the world rely on The Clearing House to clear and settle more than $2 trillion each day nearly half the U.S. volume in ACH, wire and check image payments. The Clearing House is owned by the world s largest commercial banks, which collectively employ more than two million people and hold more than half of all U.S. deposits. The Clearing House serves as a gathering place for bank leaders to chart the course of America s financial industry. Long before the Federal Reserve was formed in 1913, The Clearing House facilitated the exchange of payments between banks, and functioned as a quasi-central bank, setting monetary policy and even issuing a form of currency. The Clearing House also stored vaults of gold to back settlements and later served as the Fed s gold repository in New York. 3

4 STRATEGICALLY POSITIONING OF PAYMENTS RELATED DATA Premise: Directory services and real-time capabilities are core to the next generation of payment networks and services Today: Current offerings with directories already provide value Strategic value of new bank-owned directories are being identified o Electronic Bill Presentment and Payment o P2P o Healthcare Payments o Emerging Networks 4

5 DIRECTORY SERVICES: Directories are core to network payments services now and in the future Ubiquity/access for participants enhancing network effects Efficient processing Eliminates need for bilateral exchange of banking information / credentials Limit instances of sensitive data Bank-centric and held by Trusted Party Confidential customer and bank data held by bank owned utility rather than third-party vendors Provide flexibility for banks in choice of web service providers Control over access/use for future product development Customer value prop Promote ease of use & adoption Account masks enhance security of sensitive account information in digital age Reduced risk profile and control through use of Push Payments (credits) vs. Pull (debits) 5

6 DIRECTORY SERVICES: These directories are critical components of the payment systems they support today Directory Name Payment System Description/Purpose UPIC ACH Generic masked account I.D for credit only, B2B and Commercial Payments. Biller Directory EBIDS/ACH Provides payment routing instructions for bank bill pay applications to billers DDA accounts. Potential to evolve further with medical billing and payment applications. 6

7 DIRECTORY SERVICES: The next generation of payment services requires directories for ubiquity and efficiency Directory Name Payment System Description/Purpose UPIC ACH Generic masked account I.D for credit only, B2B and Commercial Payments. Biller Directory EBIDS/ACH Provides payment routing instructions for bank bill pay applications to billers DDA accounts. Potential to evolve further with medical billing and payment applications. Prospective Directory Services NPI+ (Medical Payments) ACH Link government issued NPI identifier to payment routing information to connect payers and providers and facilitate electronic medical payments in accordance with new health care legislation P2P - Push Credits ACH Peer to Peer directory linking commonly used unique identifiers such as address and cell phone numbers to bank routing information. Mobile POS ACH Combination of mobile device and P2P services may lead to new POS applications and revenue models for the industry 7

8 WHAT KEEPS BUSINESSES FROM MIGRATING TO ELECTRONIC PAYMENTS? Reluctance to divulge sensitive banking information Preference for the Credit push versus Debit pull model UPIC Many AP/AR packages cannot create/receive electronic payments No integration with cash management and accounting systems Conflicting, multiple message formats A minimum amount of standard information is needed STP 820 Float not much any more 8

9 UNIVERSAL PAYMENT IDENTIFICATION CODE (UPIC ) Masks routing and account numbers Credit payments only, blocks debits Use with any cash management or accounts payable system Universal routing number Issued and maintained by banks Portable UPICs help prevent fraud 9

10 UPIC PAYMENT PROCESS Buyer initiates an ACH credit using the URT # and UPIC Buyer Seller communicates the R/T # and UPIC to its trading partners UPIC Seller Seller obtains a UPIC for its receivables account from its bank Buyer bank processes the ACH file and routes to EPN or FedACH If routed to FedACH, the payment is transferred to EPN Buyer s Bank ACH Operators Seller s Bank Seller s Bank processes ACH file and credits the Seller EPN routes payment to Seller s Bank for crediting to Seller FedACH UPIC Database EPN translates UPIC into Seller s Bank R/T # and Seller Account # 10

11 EBIDS: A strategic industry solution for bill presentment. 10% MOVEMENT TO EBIDS FOR ELECTRONIC BILL PRESENTMENT = INDUSTRY OPPORTUNITY OF $350 - $500MM) BANKS ARE AMONG THE LARGEST BILLERS RETAIL BENEFIT IS BETWEEN $7 - $14 PER CONSUMER ACCOUNT PER YEAR Consumer adoption of electronic bill delivery remains very low (~10%). Banks are well positioned to drive consumer change, just as they did for e-payments Electronic bill presentment with EBIDS represents an opportunity for the industry to: Generate and recoup several billion dollars of lost revenue Cost savings for banks as billers for their own credit card, mortgage and consumer loan bills Enhance value proposition of customer-facing bank websites Relationship-builder for wholesale banks to sponsor/enable e-billers ECONOMIC INCENTIVE (10 CENTS PER E-BILL) TO ACCELERATE / MAXIMIZE ADOPTION EBIDS also provides a catalyst for new economic and access models Credible alternative to 3rd parties Bank governance Moves industry toward a DDA compensation model Extensible to other electronic services, such as medical explanation of benefits and billing/payment 11

12 EBIDS DIRECTORY AND NETWORK: Significant industry opportunity for retail and wholesale even greater for billers EBIDS combines a central directory and ACH to make it easy for businesses to deliver electronic bills to any customer s online banking service. Open network model / non-proprietary Leverages reach and scale of ACH Network Includes secure real-time interface with retail banking websites for customers to view bill details Enhanced Pay-Only directory and model ACH NETWORK BUSINESS BANK BANK CUSTOMER BILLER DIRECTORY BUSINESS CUSTOMER 12

13 WASTE IN THE SYSTEM: There is substantial room in healthcare to cut costs related to paper payments $30 billion annually is wasted on paper in American healthcare. Two-thirds of this is bound up in paper based health claims, billing and payments by checks to doctors and hospitals 1 Healthcare industry estimates EFT adoption to be approximately 10-30% of transactions It is estimated 25 to 40 cents of every dollar spent on healthcare is consumed by administrative costs Impact of continued use of paper payments may be as high as $4.80 per transaction for payers and providers combined 2 Transitioning from paper to electronic could save the healthcare industry $11B 3 1 The national progress Report on Healthcare Efficiency, US Healthcare Efficiency Index (USHEI), Overhauling the US Healthcare Payment System, The McKinsey Quarterly, June National Progress Report on Healthcare Efficiency, US Healthcare Efficiency Index,

14 HEALTHCARE REFORM: Standards and Operating Rules for EFT and ERA Reform Legislation has set the stage for transformation of Healthcare from paper to electronic Health Insurance Portability and Accountability Act of 1996 (HIPAA) Health Information Technology for Economic and Clinical Health (HITECH) 2009 Patient Protection and Affordable Care Act (ACA) 2010 Administrative Simplification, Section 1104 of ACA Legislation calls for both standards and operating rules as key drivers in reducing administrative cost All Health Plans must offer EFT by January 1, 2014 Designates NCVHS (The National Committee on Vital Health Statistics) as the advisory committee responsible for providing recommendation on standards to the Secretary of HHS 14

15 EFT ENROLLMENT UTILITY / DIRECTORY: Masked Bank Account Data Use of masked bank account data limits access to true bank account Data held at 1,300+ payers is masked data. Decreased risk of data breach/ misuse Bank Account Validation Banks to validate that bank account registered with enrollment utility belongs to registered provider Fraud prevention opportunity Risk of Multiple Directories / housed outside of financial industry No masked data or bank validation 15

16 HEALTHCARE PAYMENTS VALUE PROPOSITION Benefits of an EFT enrollment across: o o o Banks Payors Providers Strategic Opportunity Fraud Prevention Operational Efficiency 16

17 P2P Directory Service P2P INDUSTRY CURRENT STATE Current state is a fragmented network creating less than desirable consumer experience, unfavorable economics and lack of strategic flexibility CURRENT STATE DESIRED STATE POTENTIAL DIRECTORY HOUSEHOLDS 30% Fiserv 30% clearxchange 40% Other (PayPal, FIS, etc.) 100% Interoperability Ubiquitous Cost effective Aligned strategically Customer Experience Ubiquitous Cost effective Aligned strategically Customer Experience Ubiquitous Cost effective Aligned strategically Customer Experience Ubiquitous Cost effective Aligned Strategically Customer Experience 17

18 Mobile Commerce / Payments, while still in early stages, is rapidly forming in terms of technology and emerging customer usage Every day, there are an average of ~30 announcements or key developments in mobile commerce / payments. A few recent highlights: PayPal, with 123 million active users, announced significant growth, including a tripling of mobile payment volume to $14B PayPal continued their march into physical payments, announcing partnerships with NCR to strengthen POS acceptance, MoneyGram for cash agency services, and the critical agreement with Discover to provide acceptance at 7 million merchants Visa announced expansion of V.me wallet, with more than 50 financial institution and 23 merchant partners Square annualized mobile payment processing growth of 400% to $10B in 2012 moving upstream from micro merchants with Starbucks agreement Merchant MCX consortium announced new participants, including 7 of 14 largest merchants and 19 of the top

19 Proliferation of live consumer payment credentials Bank issues physical card Future??? Ecommerce at checkout (e.g., Amazon.com) Plastic at point of sale Mobile Wallet (e.g., Google) Web bill payment (e.g. Verizon) 5. Payment Aggregators Mobile Aps (e.g. Starbucks) 19

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