by
Catalyst Corporate | Apr 03, 2023
There is a new sense of urgency for faster payments education with the launch of the highly anticipated FedNow℠ Service, coming July 2023. As momentum continues to build, Catalyst Corporate has made it a priority to inform credit unions of the capabilities, use cases and services available to help implement comprehensive faster payments strategies.
Beginning this spring, Catalyst Corporate is hosting a series of complimentary online and in-person faster payments workshops for credit union payments professionals. These events will be led by Catalyst Corporate’s faster payments experts and cover a host of important topics, including faster payments essentials, use cases and the overall impact of the new FedNow Service payments rail.
1. Faster payments essentials
Workshops will provide credit unions with an overview of key players within the faster payments industry, considerations for connectivity and back-end operational requirements, front-end requirements to create a superior user experience and tools to develop a payment strategy that incorporates faster payments.
Discover how Catalyst Corporate is assisting with the adoption of faster payments in ways, such as: FedNow Service and RTP connectivity, back-office processing, settlement and liquidity management and front-end user experience. Also, learn about additional payments products that Catalyst offers, including our newly released loan payment service, CU LoanPay.
2. Use cases
Consumers continue to find new ways beyond paying the babysitter for person-to-person (P2P) payments. And instant payments, such as the FedNow Service and The Clearing House Real-Time Payments (RTP®) Network, will help your members solve problems in a variety of new ways. Catalyst Corporate’s team will examine a range of use cases, including government-to-consumer transactions; such as tax refunds and Social Security benefits; consumer-to-government transactions, like paying federal taxes; business-to-business transactions, such as vendor payments; person-to-person transactions such as reimbursing shared rent; and account-to-account (A2A) transfers that enable consumers to transfer from their account at one institution to another.
3. Overall impact
The availability of real-time payments will continue to impact financial institutions of all sizes across the U.S. Real-time payments offer inherent value with enhanced data capabilities available within each transaction, the certainty of payment receipt and the immediate availability of funds for the receiver. What will the adoption timeframe look like for credit unions? An in-depth assessment of the overall impact of instant payments will be provided at these upcoming workshops and webinars.
Catalyst Corporate aims to keep you, and your credit union, informed of the latest faster payments developments. Join us – online or in-person – to be a part of this important conversation. View workshop details and register to attend today.