ST. PETERSBURG, Fla.–A new report has become the latest to find the COVID-19 pandemic is accelerating demand for faster, and more digital, payments in 2020, with growth surging “exponentially.”
The white paper commissioned by PSCU and independently produced by Javelin Strategy & Research, “Fast Access, Fast Payments,” provides guidance on the key elements required to begin the initial phases of faster payments and how credit unions can best align member expectations with their current payments infrastructure, according to PSCU.
“To meet the increasing demand for immediate access to funds and the ability to conduct routine banking activities – like bill pay and debit transactions – through digital channels, it is more important than ever for credit unions to understand, adapt and plan for faster payment deployment,” said Scott Young, vice president, Innovation at PSCU. “Through this white paper, we aim to help credit unions understand what they need to do now to keep pace with the evolving needs of current and future members.”
PSCU noted credit unions traditionally provide financial services for which their members have an immediate need, with implementation and adoption of new technologies dictated by member demand. During economic downturns, especially those with far-reaching impacts like the COVID-19 pandemic, faster access to funds is essential
According to PSCU, the “Fast Access, Fast Payments” white paper, which includes checklists designed as tear sheets to guide credit unions during the planning and implantation process, focuses on addressing key member needs to manage financial uncertainty, the rapid deployment of technology and operational considerations required for planning before launching digital and faster payments.
Other Topics
Other key topics for adoption highlighted in the report include:
- Enabling the receipt of real-time deposits
- Migration to digital experiences
- Immediate card issuance and provisioning
- The building blocks of a successful payments strategy
- Consumer protections
- Staged integration to The Clearing House
- Preparation for FedNow
PSCU said the white paper also features information on how to make payment modernization manageable, with an emphasis on the member experience and design, operational rigor, enterprise fraud management and compliance with faster payments initiatives.
The white paper can be downloaded here.