The time is right for Real-Time Payments
Published by: Jose Ortiz
April 5, 2022 | Uncategorized
Real-time payments are poised to dramatically shift the financial industry. Just as consumer expectations for convenience, speed, and security impact other industries, such as retail and healthcare, consumer behavior is also impacting banking and finance. Recent research shows that consumers are even willing to pay for the benefits offered by immediate payments. In the article “How Consumers are Driving Demand for Real-Time Payments,” PYMNTS.com reports 33 percent of consumers say they would be willing to pay a fee to receive money in real time.
Along with consumer expectations and desires, the RTP® Network, the first new payment rail in more than 40 years, is growing the use of real-time payments. Along with conveniences for consumers, immediate payments offer many benefits for credit unions when they connect to RTP. These include:
- Remaining market competitive through a variety of use cases, including consumer and business payments, and being well positioned for supporting member needs.
- Addressing gaps in current payment methods through speed, security, value-added messaging capabilities, and immediate availability of transaction status.
- Gaining flexibility and functionality that extend beyond payments. RTPs support capabilities beyond the transfer of funds, including non-payment messages, requests for payment and payment confirmations.
To help credit unions discover what real-time payments has to offer, Corporate One provides a free Real-time Payments Info Center with industry updates, educational webinars, infographics, and FAQs. Corporate One is also hosting complimentary half-day forums to share deeper insight into the benefits of immediate payments and the opportunities available to credit unions and their members. Attendees will learn:
- Real-time payments basics: RTP payment flow, benefits, and how real-time payments are different from existing payment methods
- Use cases that can drive revenue, enhance offerings, and meet consumer expectations
- Operational and cash management considerations that come with 24/7/365 payments
- How to get started on a real-time payments journey
Registration is now open.
Contact Jose Ortiz for questions or assistance.