Financial institutions are “feeling the need, the need for speed.” With this month’s 30th anniversary of the movie “Top Gun,” this well-known quote also applies to the current global race for constant availability of real-time payments.
Opt-in participation for real-time payment delivery is the next phase of the faster-payments movement. This phase is being driven by initiatives from The Clearing House, such as secure tokenization of payment requests and enablement of real-time payments functionality, and its partnership with VocaLink for the deployment of a real-time payments platform.
Other larger players involved are Fidelity National Information Services; CUES Supplier member D+H, due to its global focus on payments; and Jack Henry and Associates, due to its presence within the community banking sector.
In addition, CUES Supplier member Fiserv, a significant provider of financial services technology, is positioning its payments scope by highlighting its NOW platform, which fuses bill payment, money movement, and a real-time EFT network.continue reading »