Real-time payments offer many benefits for consumers and financial institutions alike. Our info center examines those benefits and explains how real-time payments are becoming the future of the industry. Featuring articles, webinars and infographics, the info center also reveals how to get connected to real-time payments opportunities.
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Learn how Corporate One streamlines the management of your credit union's FedNow Service profile and handles any modifications to it.
Immediate payments offer significant advantages for credit unions but also raise concerns about potential risks and fraud. This follow-up article to Part One explores managing fraud for two types of participant profiles in immediate payments: Receive only and Send/Receive.
Immediate payments present credit unions with new opportunities but also raise concerns about potential fraud risks. Fraud questions are common, especially as fraudsters adapt quickly to new systems. This article addresses the levels of fraud in immediate payments and the tools available to mitigate it.
Adding a new rail to your payments strategy can seem overwhelming. You have to create your plan and then determine how best to operationalize it, including processing payments in an “always on” environment. We’ve created a roadmap to make getting on board the newest payment rail in over forty years as simple as possible. This session walks you through the four decision points your credit union will face when implementing real-time payments, provide a plan of action to get your credit union started, guide you through the real-time payment settlement and reconciliation process, and share how a Funding Agent can help you ease the burden of processing payments all day, every day.
Gain some fresh perspective from a financial institution that has implemented the RTP® Network using a Third-Party Service Provider. Hear from a financial institution to learn from their experiences and lessons learned as well as how they see immediate payments being user in their organization in the short and long term.
The FedNow Service, recently launched by The Federal Reserve, has generated significant excitement among credit unions. This webinar discusses its successes and future plans, offering insights for financial institutions to make informed decisions in navigating the new instant payment rail.
Explore how credit unions and their members are using real-time payments. Gain insights and strategies from Bayer Heritage Federal Credit Union on leveraging the benefits of real-time payments and their future growth plans within the RTP network.
The Operational Considerations for Instant Payments Guidelines serve as a primer for operational considerations for receiving instant payments, offering high-level insights on priorities to consider when adopting this new method of receipt. The primer is meant to provide a springboard for credit unions to plan the journey to faster payments adoption by providing high-level insights into the various areas for consideration.
The round-the-clock, year-round availability of immediate payments might appear intimidating, but with a few tips, you can gain a better understanding of how your credit union's back-office operations will change once you introduce one or both of the new payment rails.
Get ready for a U.S. payments transformation as RTP and the FedNow Service are on the way to becoming commonplace. Before choosing which one your credit union will participate in, you should understand the basics. This webinar examine key features and benefits, including a high-level overview of how transactions flow, funds availability, use cases and legal framework. Walk away with an understanding of the fundamentals of these instant payment systems.
Corporate One has been at the forefront of the immediate payments revolution, providing credit unions with advanced payment solutions and driving industry-wide innovation.
People and businesses want to be able to send and receive money with a single click. According to a recent Federal Reserve survey, two-thirds of consumers and three out of four businesses believe their bank or credit union must offer faster payments.
Instant payments have several characteristics that make them attractive in the digital economy.
Credit unions may consider collaborating with service providers to implement and operationalize instant payments with the FedNow® Service. You can use this guide to figure out how to involve service providers in your planning.
The request for payment (RFP) feature of an instant payment can simplify the process when one party needs to be paid by another quickly.
Credit unions must maintain sufficient funds or available credit in their accounts because payments will process and settle 24 hours a day, seven days a week, with the FedNow® Service. Read more to learn what this means for your credit union and how transfers for liquidity management will operate.
What is the best immediate payments rail for credit unions: RTP or the FedNow Service? Take a look at our four decision points to help you decide.
Corporate One offers a new payment solution called CU Corporate RTP that allows credit unions to easily send immediate payments through The Clearing House's RTP network without needing to enroll as a network participant. This on-demand webinar demonstrates how our newest payments solution can harness the power of immediate payments for your credit union.
The FraudClassifier model offers a simple method for categorizing fraud. In addition, it provides a comprehensive picture to aid credit unions in better comprehending the scope of payment-related fraud.
The importance of getting your credit union connected to an immediate payment rail continues to grow. The RTP® network’s real-time payment capabilities are already accessible to financial institutions that hold 75% of U.S. demand deposit accounts, and that number will likely increase as the FedNow® Service gains traction.
Increased access to immediate payments and growing demand continue to drive forward the migration of payments from just “faster” to immediate. With the imminent launch of the industry’s second new immediate payment rail on the horizon later this year, the Federal Reserve’s new FedNow® Service, now is the time to consider integrating instant payments into your credit union’s suite of products and services if you haven’t already done so.
The immediacy at which a payment routes and settles on the RTP® network offers credit unions new opportunities to reimagine their business and serve members in enhanced and different ways. However, these speedy new opportunities raise questions from financial institutions about the potential risk and fraud involved with immediate payment settlement.
Advances in technology have changed your members’ expectations for speed and convenience. Today, everyone, including businesses, wants to send and receive money in an instant, and they’re turning to alternative payment services that can do just that. In fact, nearly two-thirds of businesses indicate that access to faster payments will factor into any decision to switch banks in the future, and nine in 10 businesses expect to be able to initiate and receive faster payments by 2023.
Since The Clearing House launched its RTP® network in 2017 and the Federal Reserve plans to introduce its service in 2023, real-time payments have gained momentum.
Over 150 financial institutions, including all major US banks and 27 credit unions, actively participate in The Clearing House's Real-Time Payments (RTP) service. Here is what those organizations learned.
The FedNow Service, an instant payment platform from the Federal Reserve, offers significant benefits to financial institutions and their customers – consumers, businesses and other organizations. This video explains the FedNow Service payment flow, including examples of how it will work in common payment transactions.
It’s no secret that real-time payments offer numerous benefits not only for consumers but also for financial institutions alike. Some of the ways financial institutions benefit from real-time payments include the speed, immediacy, and irreversibility of a payment, the ability to consume contextual data (information about the payment that doesn’t detach throughout the payment process), and the ability to facilitate a new request for payment (RFP).
You’ve heard about real-time payments but how do they actually benefit your credit union? Here are three ways immediate payments can impact your business and help reimagine the service you offer members and business partners.
As the market migrates to real time, business cases for faster payments include immediate consumer-to-consumer money movement (P2P and A2A), consumer bill payment, business disbursements, enhanced payroll support for select employee groups (SEGs), and accelerated loan disbursement and payment use cases.