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Keeping the Pulse on Faster Payments

October 27, 2022

By Glenn Wheeler, Catalyst Corporate VP of Payments Products & Innovations


Faster Payments UpdateMomentum continues to build in faster payments as volume, capabilities and use cases expand and develop. Person-to-Person (P2P) faster payments have become commonplace. For example, Bank of America recently reported that their P2P transactions have now surpassed their total check volume. Same Day ACH volume is setting new records every quarter and the Federal Reserve has announced their FedNow℠ Service will launch sometime between May and July 2023.

As a trusted leader in the faster payments movement, Catalyst Corporate is on target to begin the FedNow Service pilot program and then to onboard credit union participants with the official launch.

There’s currently a lot of activity in the faster payments industry, much of which is focused on two efforts: faster payments education and industry collaboration.

Education

There is a new sense of urgency for faster payments education. The U.S. Faster Payments Council (FPC) recently published work identifying over 130 use cases for faster payments. A use case infographic and repository, with information that includes 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 consumers.

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. Justin Lutes, Catalyst Corporate’s vice president of correspondent services, has been selected to serve on the AFPP Oversight Panel.

Industry collaboration

Catalyst Corporate is committed to working with pivotal industry organizations, such as Nacha and the FPC, to help continue the 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 leaders working together on educating the various stakeholders in faster payments. We look forward to continued relationships with these and other industry groups that are helping meet important faster payments educational needs.

If you need assistance developing a faster payments strategic plan, Catalyst Corporate can help. For more information about P2P, The Clearing House RTP® Network or FedNow Service – contact us today.