Keeping the Pulse on Faster Payments

Momentum continues to build in faster payments as volume, capabilities and use cases expand and develop. Person-to-Person (P2P) faster payments have become common place. For example, Bank of America recently published findings that their P2P transactions have now surpassed total check volume. Same Day ACH volume is setting new records every quarter and FedNow℠ has publicly announced their system will be ready sometime between May and July of 2023.

As a trusted leader in the faster payments movement, Catalyst Corporate continues to play an active role in the FedNow pilot program and looks forward to initiating testing in preparation for onboarding credit unions participants to the FedNow system.

What are the latest developments among all things faster payments these days? There’s a lot happening in the foreground, much of which is focused around two efforts: faster payments education and industry collaboration.

Education

For many financial institutions, faster payments education is of top priority currently. The U.S. Faster Payments Council (FPC) recently published work identifying over 130 use cases for faster payments. A use case infographic and repository along with various other information, including a faster payment solutions provider catalogue, is now part of the FPC Knowledge Center. This information highlights the value and capabilities of faster payments for the industry, and society as a whole.

With so much happening in faster payments, education and subject matter expertise has become increasingly more important in understanding what the value and capabilities of faster payments can bring to the payments ecosystem. Nacha and the FPC recently announced their partnership to work collaboratively on a certification and accreditation program. The Accredited Faster Payments Professional (AFPP) program will build on Nacha’s faster payments certificate program by offering an advanced, comprehensive accreditation program specific to faster payments.

Industry collaboration

Catalyst Corporate is committed to working with pivotal industry organizations, such as Nacha and the FPC, to help advance the continued expansion of faster payments. Key to that success will be industry education and ample opportunities for individuals to obtain accreditation in faster payments. The partnership between Nacha and FPC is a prime example of the industry working together on educating the various stakeholders in faster payments.

If you have not yet started, it’s time to develop a faster payments strategic plan, and Catalyst Corporate can help. For more information about P2P, The Clearing House^® RTP^® Network or FedNow Service –  contact us today.

As Catalyst Corporate’s Vice President of Payments Products & Innovations, Glenn Wheeler oversees the organization’s item processing operations for member credit unions. Glenn is also actively involved in the payments industry, currently serving on four U.S. Faster Payments Council work groups and as an acting member of the FedNow Development Community.