Financial institutions, businesses, and government agencies use the Federal Reserve’s Fedwire system to transfer vast sums of money.

Currently, the Federal Reserve is modernizing its systems by embracing a new standard for message formats and expanding the settlement windows for wires.

However, many current systems used by credit unions are incompatible with these changes.

This episode of the CUNA News Podcast features Carl Robinson, senior vice president of payments at Alacriti.

He breaks down the most significant changes the Federal Reserve is making, the actions credit unions should take to prepare, and the benefits to credit unions of updating their payment solutions.

You can listen to the CUNA News Podcast in Apple Podcasts, Google Podcasts, Spotify, and Stitcher Radio.

In this episode:

1:53: The changes being made

3:20: Effects on credit unions

6:58: Advantages of cloud solutions

9:09: How cloud-based systems work

13:25: Researching available solutions