PSCU releases “Fast Access, Fast Payments” whitepaper
Report focuses on aligning member expectations with current payments infrastructure
ST. PETERSBURG, FL (September 22, 2020) — Accelerated by the global COVID-19 pandemic, credit union member demand for faster – and more digital – payments has increased exponentially in 2020. A new report commissioned by PSCU and independently produced by Javelin Strategy & Research, “Fast Access, Fast Payments,” provides guidance on the key elements required to begin the initial phases of faster payments and how credit unions can best align member expectations with their current payments infrastructure.
“To meet the increasing demand for immediate access to funds and the ability to conduct routine banking activities – like bill pay and debit transactions – through digital channels, it is more important than ever for credit unions to understand, adapt and plan for faster payment deployment,” said Scott Young, vice president, Innovation at PSCU. “Through this white paper, we aim to help credit unions understand what they need to do now to keep pace with the evolving needs of current and future members.”
Credit unions traditionally provide financial services for which their members have an immediate need, with implementation and adoption of new technologies dictated by member demand. During economic downturns, especially those with far-reaching impacts like the COVID-19 pandemic, faster access to funds is essential.
The “Fast Access, Fast Payments” white paper, which includes checklists designed as tear sheets to guide credit unions during the planning and implantation process, focuses on addressing key member needs to manage financial uncertainty, the rapid deployment of technology and operational considerations required for planning before launching digital and faster payments. Other key topics for adoption highlighted in the report include:
- Enabling the receipt of real-time deposits
- Migration to digital experiences
- Immediate card issuance and provisioning
- The building blocks of a successful payments strategy
- Consumer protections
- Staged integration to The Clearing House
- Preparation for FedNow
The white paper also features information on how to make payment modernization manageable, with an emphasis on the member experience and design, operational rigor, enterprise fraud management and compliance with faster payments initiatives.
Click here to download “Fast Access, Fast Payments.”
About PSCU
PSCU/Co-op Solutions is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America. PSCU/Co-op Solutions leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit pscu.com and coop.org.
