The need for speed
Evaluating the operational and financial impacts of faster payments.
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.
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