PSCU to advance real-time payments as a founding member of the U.S. Faster Payments Council
ST. PETERSBURG, FL (February 26, 2019) — The evolution of payments is occurring at a rapid pace, bringing along with it the need for industry collaboration to provide a system that delivers safety and security, as well as flexibility, to accommodate the future of real-time payments. To address this need under the guidance of the Federal Reserve, the U.S. Faster Payments Council (FPC) launched with a purpose of seeking inclusive solutions under a standard framework. The nation’s premier payments credit union service organization, PSCU, is proud to be a founding member of the FPC and represent credit unions across the United States through this council.
The formation of the FPC is a step toward modernizing the country’s payments system. The FPC will be focused on private-sector approaches to solving problems and addressing issues that inhibit adoption of faster payments. The organization will channel its resources toward the most pressing challenges and opportunities facing the financial services and payments industries through dialogue, collaboration and education.
Over the next two years, the FPC will focus on the following objectives:
- Supporting adoption of practices that enhance safety and security for services providers and users of faster payments
- Creating guidelines that address opportunities and emerging issues in an open, collaborative way
- Developing an educational and awareness program to foster a better understanding of faster payments
“As we prepare for real-time payments solutions, financial services providers like PSCU need to be prepared to act as a resource for our Owner credit unions, members and the industry as a whole,” said Denise Stevens, SVP, Product Delivery at PSCU. “Payments are foundational to the member experience. While there is much work to do, through the collaboration and support of fellow industry advocates, we can expect phenomenal results that will bring value to those we serve and allow for the real-time payments future to become a reality.”
PSCU has played an active role with the Federal Reserve’s Faster Payments Task Force, The Secure Payments Task Force and the Directory Work Group.
As a founding member of the FPC, PSCU continues to engage in the industry on behalf of credit unions by providing thought leadership and payments solutions to meet these new market demands. The industry outlook is changing at a faster speed, causing real disruption and change for members. PSCU’s team is focused on these disruptors and developing payments-related strategies that can respond to the changing demands of members, as well as keep pace with new technologies that are reshaping the member experience. The payments evolution incorporates not just how point of sale and bill payment will change, but new opportunities for businesses creating solutions designed to fulfill today’s need, which translates into new credit union growth opportunities.
“Collaboration for this work is essential for the benefit of all,” said Dr. Debbie Bartoo, Senior Innovation Strategist at PSCU. “The opportunity to be a part of this continued work and drive innovation forward will lead to success in the industry with real-time 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.
