As new use cases for faster payments are identified and adoption grows, banks and credit unions must choose payment technology that will effectively serve their customers, both now and long term. This means flexibility is a key component to faster payments technology and this blog explains what financial institutions should look for in a faster payments partner.
Read MoreAs the 2023 launch of the Federal Reserve’s instant payment service approaches, banks and credit unions should carefully examine their readiness for faster payments. This includes adjustments to current treasury and back-office operations. Learn how your financial institution can prepare its back office for instant payments.
Read MoreThe value in real-time payments goes beyond the ability to move money in seconds. Financial institutions are quickly realizing the potential of the rich data that comes with 24/7 instant payments. Explore ways to make real-time transaction data work for your institution in this blog post.
Read MoreAs advancements in tech change the way we transact, there are some compelling innovations being discussed, such as Central Bank Digital Currencies (CBDCs) and not to mention the FedNowSM Service, the Federal Reserve’s new instant payment offering launching later this summer. The goal of this blog post will be to clarify these emerging payment technologies and digital transaction trends. Ready for a fact check?
Read MoreAs credit unions continue to grow their business membership, they must consider the ways that faster payments can help their business members. After all, adoption of real-time payments is on the rise and it shows no sign of slowing down.
Read MoreBanks and credit unions need technology that allows their institution to take advantage of all the benefits ISO 20022 has to offer. But first, there are still some misconceptions about ISO 20022 to address.
Much of the discussion with faster payments centers around person-to-person payments and bill payments, the latter of which will help consumers avoid late fees when making payments right before deadline. Beyond the advantages of faster payments on the consumer side, there is huge potential for B2B real-time payments.
Through financial institutions participating in the FedNow Service, businesses and individuals can now send and receive instant payments in real time, any time of the day, every day of the year. Like any newly launched technology, there are advantages and disadvantages with the new payment system which this blog will cover.
It’s important to remember that each financial institution’s path to the FedNow Service will be unique. However, there are some common key decisions and activities many organizations should pursue as they look to provide their customers with this new, instant payment service.
An economy where people are financially resilient and have access to economic mobility and advancement is a healthy economy. Instant payments play an important role in advancing this goal.
Embedded payments present an opportunity for financial institutions to rethink their traditional product portfolios. However, before taking the plunge into these new waters of opportunity, it’s important to first have a foundational understanding of what embedded payments are and the benefits they offer.
