CUNA is now America's Credit Unions.
A stronger voice to advance the credit union industry.
Venmo. PayPal. Zelle. Instant peer-to-peer payments have played a large role in the rapidly changing payment landscape.How can credit unions adapt to the current structure and benefit from modernized payment platforms?
PCBB Senior Vice President of Operations Allen Sztukowski answered that question and more on this episode of the CUNA News Podcast. Sztukowski and CUNA Digital Media Design Specialist Yeekeng Yang take a wide lens to the payment landscape, then dive in to explain how credit unions can adapt and thrive as payments continues to evolve."You have to look bigger picture to be creative," he says. "What makes sense from the business model you want to proceed with? Payments will be instant, and consumers will want them for free. So you need to do some soul searching to see how that fits in with the organization."
In this episode:
2:38: Difference between payment types
6:00: What is FedNow
11:17: Challenges faster payments solve for CUs
12:48: How faster payments improve the settlement process
13:26: How traditional payment rails are impacted by faster payments
14:53: How faster payments help CUs deliver instant services
17:48: Use cases for faster payments
20:50: International payments
23:04: Steps CUs should take when choosing a payment platform
24:35: Talk to your core provider