Schmeltzer, who joined Fiserv in August 2012, leads the development and execution of enterprise-wide initiatives in the delivery of new payment services for the Brookfield, Wis., technology provider.

In the next few years she predicts there will be a "dramatic shift" of cash and check transactions into the digital realm. "We will see significant growth in the availability and adoption of emerging social payments, mobile payments and image-capture offerings."

Before joining Fiserv, Schmeltzer was senior vice president of digital channel management at Atlanta's SunTrust Banks Inc. where she oversaw online and mobile banking as well as digital money-movement technologies.

Balancing consumer needs versus business realities in the digital payments arena is a "huge challenge" for financial institutions right now, according to Schmeltzer.

"Consumers increasingly operate in a real-time world," she says. "The banking system is not structured to be real-time -- legacy systems and risk management strategies dictate longer lead times for processing payments or obtaining some types of financial information."

The frenzy of activity around mobile payments is one of the most interesting things to happen in the payments sector in a long time, Schmeltzer says.

"It has the potential to make as significant an impact on the world of consumer payments as the introduction of credit cards," she says. "This potential is the primary reason there are so many start-ups focusing on mobile payments, and why they are attracting so much VC investment. It's going to be a wild ride, but a few years from now, most of us will be conducting a substantial portion of our purchases and payments via our mobile devices."

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