Correspondent Blog
Tag: RTP
Making the Instant Payment Decision
Most banks have still not committed to RTP® or FedNowSM for their commercial customers – a bank’s most significant single profit driver. Most banks ignore instant payments or are still worried about fraud. The irony is that of the estimated $25 trillion in B2B payments in the U.S., 33% are still made via check that…
Faster Payments – FedNow is About to Change the Game for Banks
Next week, FedNow goes live, ushering in the next era of faster payments. Some 57 financial institutions will start with FedNow, including about 42 banks (plus a handful of core systems providers and fintechs). FedNow joins The Clearing House, which has offered real-time payments (RTP®) for the last five years. Banks are about to win…
The Elements of a Bank Payment Strategy
Bank payments are a mess. Every payment method is a different channel. Worse yet, we confuse our customers with different forms, procedures, and jargon. It has been 50 years and we still expect our customers to know the difference between a wire and an ACH. If we can’t talk to customers about it right, we…