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.
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.
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