Catalyst News

A Closer Look at Faster Payments

by Catalyst Corporate | Apr 12, 2019

An Introduction to the U.S. Faster Payments Council

“Faster Payments” – it’s a term that has echoed throughout the financial industry at record-breaking speed and has quickly become recognized as one of the most prominent, up-and-coming payment trends in recent history. But what does it really mean? And how will faster payments impact your credit union?

Here’s what you need to know.
This tidal wave of payment efficiency change has been years in the making. Payment services analysts and industry experts have been forecasting the emergence of a new payments rail, and it’s finally coming to fruition.

The United States stands on the verge of transformation in how financial institutions, merchants, businesses and consumers make payments. Now more than ever, rapid technological advancements and the growing demand for faster, smarter and safer payments require an all-inclusive, innovative solution.

Leading the charge.
In response to the Federal Reserve and Faster Payments Task Force, the industry has assembled the U.S. Faster Payments Council (FPC) to further define their plan and vision for secure, ubiquitous faster payments by 2020.

Catalyst Corporate is proud to serve alongside 140 other payment services stakeholders, as a founding member of the FPC, to help execute a collaborative faster payments strategy and spread education and awareness throughout the credit union industry.

At this time, the FPC has established six work groups to further address the core issues surrounding the faster payments initiative. Comprised of industry experts, thought leaders and payment professionals from various stakeholder segments and sectors, these work groups reflect the many diverse perspectives and specific faster payments needs. Catalyst Corporate is involved at every level, with a team member on each of the six work groups:

  • Safety and Security, Len Naidoo 
  • Education and Awareness, Toni Lowrie and Glenn Wheeler
  • End User Transparency, Justin Lutes and Len Naidoo
  • Fraud Information Sharing, Bill Brennan
  • Directory Models, Toni Lowrie and Glenn Wheeler
  • Regulations and Regulatory Compliance, Bill Brennan and Sharon Begarney

Our reason for involvement in the FPC is simple. It’s to be a voice for our member credit unions, other corporate credit unions and the industry as a whole. It’s to represent our collective interests and provide trusted, timely feedback, so our members are ready for the industry’s shift to faster payments.

As a leading payment services provider for credit unions across the nation, we’ve dedicated the last 44 years to providing cutting-edge, innovative payment solutions. And now more than ever, it’s important that we stay on the front line of change for our members.    

So, how will faster payments affect you, your members and the credit union industry as a whole?
The benefits of faster payments are significant and wide-reaching. New technologies and innovative solutions will have a direct impact on our nations’ payment services landscape. For members, faster transactions support quicker access to funds and the ability to make/receive last-minute payments – further establishing convenience and accessibility. Faster payments also have the potential to help credit unions realize further efficiencies in cash-flow management and back-office processes. And according to the U.S. Faster Payments Task Force, “faster payments will speed modernization of supporting legacy payment and accounting systems, which can further enhance security and better support the evolving needs of a digital economy.”   

Stay connected to the faster payments initiative. Catalyst Corporate will provide updates from the U.S. Faster Payments Council as they unfold. To learn more, please visit: https://fasterpaymentscouncil.org/news-and-events