Money is moving faster than ever―the real-time payments industry is expected to reach $294.9 billion in value by 2030. This is in line with consumer expectations for faster payments, which are considered as much of a necessity as internet and utilities. Clearing and settling payments instantly provides members with money management flexibility, the ability to make timely payments, and full access to immediate funds.
Although you could implement multiple payments options simultaneously, it will be easier on your team and members to focus on a single service that makes the most sense for your credit union and is compatible with your existing technology. You may consider adding more options in the future. The major services available include:
Like most new services you offer, implementing an instant payments service isn’t something that can be accomplished overnight. To ensure the launch is smooth, there are several key steps your credit union should consider first.
With their ever-evolving ability to streamline your services and provide unparalleled convenience for your member base, now is the time to put faster payments on your credit union’s radar. To learn more from PCBB’s team on this topic, check out “The Payment Landscape” episode of the CUNA News Podcast.
John Cavanaugh is the senior vice president of international services at PCBB.