Report focuses on aligning member expectations with current payments infrastructure
St. Petersburg, Fla.— (Sept. 22, 2020) —Accelerated by the global COVID-19 pandemic,credit union member demand for faster – and more digital – payments has increased exponentially in 2020. A new reportcommissioned by PSCUand independently producedby Javelin Strategy & Research, “Fast Access, Fast Payments,”provides guidance on the key elements required to begin the initial phases of faster payments and how credit unions can best align member expectations with their current payments infrastructure.
“To meet the increasing demand for immediate access to funds and the ability to conduct routine banking activities – like bill pay and debit transactions – through digital channels, it is more important than ever for credit unions to understand, adapt and plan for faster payment deployment,” said Scott Young, vice president, Innovation at PSCU. “Through this white paper, we aim to help credit unions understand what they need to do now to keep pace with the evolving needs of current and future members.”
Credit unions traditionally provide financial services for which their members have an immediate need, with implementation and adoption of new technologies dictated by member demand. During economic downturns, especially those with far-reaching impactslike the COVID-19 pandemic, faster access to funds is essential.
The “Fast Access, Fast Payments” white paper, which includes checklists designed as tear sheets to guide credit unions during the planning and implantation process, focuses on addressingkey member needs to manage financial uncertainty, therapid deployment of technology and operational considerationsrequired for planning before launching digital and faster payments. Other key topicsfor adoption highlighted in the report include:
- Enabling the receipt of real-time deposits
- Migration to digital experiences
- Immediate card issuance and provisioning
- The building blocks of a successful payments strategy
- Consumer protections
- Staged integration to The Clearing House
- Preparation for FedNow
The white paper also features information on how to make payment modernization manageable, with an emphasis on the member experience and design, operational rigor, enterprise fraud management and compliance with faster payments initiatives.
Click here to download “Fast Access, Fast Payments.”
PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 3.8 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.