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SRM Perspectives on Key Industry Trends

Delay Deploying Instant Payments at Your Own Risk

Posted by Dean Nolan on Jan 17, 2024 11:02:00 AM

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We've heard several financial institutions intend to delay deploying instant payments capabilities, such as FedNow and The Clearing House's RTP Network, until 2025 as part of broader cost-control initiatives.

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Topics: Payments, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network, instant payments

FedNow Assures Wholesale Adoption of Instant Payments

Posted by Dean Nolan on Sep 21, 2023 3:00:00 PM

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Instant payments have been on the radar for some time – The Clearing House’s RTP Network has been operational since late 2017. But the Federal Reserve’s launch of FedNow, the second instant payments network in the US, has reshaped the landscape – shifting the dialogue from “if instant payments will take hold” to “when and how will they take hold.” This was evidenced when over 1,750 people joined the Fed’s recent town hall on the topic – a potent indicator of market interest.

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Topics: Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network, instant payments

How Request for Payment Could Revolutionize Point of Sale

Posted by Dean Nolan on Sep 7, 2023 1:00:00 PM

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The advent of instant payments is transforming the global payments landscape. 

 

People are drawn to around-the-clock access to funds, immediacy, irrevocability, and transparency in instant payments. It can also become a rich source of data for many interested parties.

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Topics: Vendor management, Point-of-Sale, FedNow, Real-time payments, instant payments

Key Considerations with the Official FedNow Launch

Posted by Paul Davis on Aug 15, 2023 11:05:00 AM

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The official launch of the Federal Reserve’s FedNow platform on July 20 culminated a four-year undertaking by the central bank.

While the payments world didn’t change overnight, the launch has raised the potential for new use cases. I previously shared my thoughts on what financial institutions should consider in terms of real-time payments.

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Topics: Payments, Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network

Tokenized Deposits Deserve a Closer Look

Posted by Larry Pruss on Jun 15, 2023 11:17:00 AM

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Most bankers associate the term “tokenization” with data security and authentication routines used to prevent system intrusions. Apart from a handful of innovators, few institutions have focused on tokenization – the process of creating a digital representation of any item of value.

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Topics: Payments, Blockchain, FedNow, Tokenization, Commercial Banking

Key Considerations for Real-Time Payments

Posted by Paul Davis on Jun 1, 2023 11:12:00 AM

Key Considerations for Real-Time Payments

Real-time payments (aka RTP) have become an increasingly hot topic for bankers as the launch of FedNow, a new instant payment infrastructure established by the Federal Reserve, nears. It will enable financial institutions of every size across the U.S. to provide safe and efficient instant payment services. The service moves from the pilot stage to a full launch in July 2023 and will be rolled out in several phases of functionality.

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Topics: Vendor Negotiation, Mortgages, FedNow, Real-time payments, RTP, The Clearing House

Regulation, Innovation Took Center Stage at Money20/20

Posted by Keith Ash on Nov 14, 2022 11:37:00 AM

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This year’s edition of Money20/20 was back in full force. It was a well-attended event by all players in the ecosystem, a definitive difference from last year when lingering COVID-19 travel restrictions kept many would-be attendees on the sideline.

The conversation among the 13,000 registered attendees in Las Vegas, and countless others working the periphery, expanded beyond last year’s darling – cryptocurrency – to encompass other issues financial institutions will face as they head into a potentially turbulent 2023. This year’s top themes included safety and security, innovation, and evolving regulation.

Here are a few recurring observations from our time there...

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Topics: Cryptocurrency, Digital Assets, Regulation, Metaverse, FedNow

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