Receive-Only: A simpler first step to real-time payments

Real-time payments (RTP) is gaining traction in the U.S. as more financial institutions (FIs) enable their Direct Deposit Accounts (DDA) for this first new payment format in over 40 years. However, at present, The Clearing House’s RTP Network of participating financial institutions shows that less than 10 credit unions in the country are certified for RTP, with several more in queue for implementation. While some credit unions have a faster payments strategy, many are sitting on the sidelines. A few of the reasons frequently cited for not participating in RTP are: 1) lack of resources; 2) cost and effort of core integration; and 3) lack of member demand. Credit unions, just like any business, have finite resources and multiple demands on those resources.

Some credit unions that have made the decision to implement RTP believe that not participating leaves them vulnerable to competition as this game-changing technology takes root among other FIs. Others see RTP becoming a necessary offering, but are choosing to wait on the sidelines until there is more ubiquity in the market, more use cases, or for the Federal Reserve’s RTP platform (FedNow) to become commercially available in 2023 or 2024.

How Receive-Only Can Help Credit Unions Get Started with RTP

If your credit union is delaying the decision to implement RTP due to a lack of resources, or the cost and effort of core integration, a simpler step you can take to get started is by implementing receive-only capability.


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