“Now is the time for financial institutions to become educated about all types of faster payments from Same Day ACH to instant payments,” said Jane Larimer, Nacha President and CEO. “Having a faster payments strategy – or at least beginning the process – is critical for financial institutions so they can meet the needs of their customers now and into the future.”
News by Nacha , Nov. 5, 2019
Nacha’s Payments Innovation Alliance and the U.S. Faster Payments Council Launch the Faster Payments Playbook
The inaugural version of the online educational and decisioning platform is designed to help banks and credit unions develop a faster payments strategy
MIAMI, Nov. 5, 2019 – Today, Nacha and its Payments Innovation Alliance, jointly with the U.S. Faster Payments Council (FPC), launched the Faster Payments Playbook, an online educational and decisioning platform that will help banks and credit unions develop a faster payments strategy from concept to reality.
The Playbook is a co-branded industry resource developed by the two groups that will help stakeholders level-set on faster payments developments, assess the benefits and requirements of faster payments, and navigate the process of developing a faster payments strategy. While the current iteration of the Playbook focuses on developing a faster payments strategy for financial institutions, the next version will focus on business end users.
The Alliance – comprised of a diverse membership of nearly 200 organizations including corporates, third-party processors, fintechs and financial institutions – is playing a crucial role in helping organizations gain clarity on the topic of faster payments. The Faster Payments Project Team was formed in June 2018.
Comprised of more than 175 financial institutions, payment network operators, technology providers, business end users, consumer organizations and others, the FPC is a membership organization whose goal is to advance the U.S. payment system so that Americans can safely and securely pay anyone, anywhere, at any time with near-immediate funds availability.
“Now is the time for financial institutions to become educated about all types of faster payments from Same Day ACH to instant payments,” said Jane Larimer, Nacha President and CEO. “Having a faster payments strategy – or at least beginning the process – is critical for financial institutions so they can meet the needs of their customers now and into the future.”
“The Faster Payments Playbook is designed to serve as a resource that can be shared widely across the industry. Our partnership with Nacha directly supports the efforts of the FPC to move the collective industry forward,” said Kim Ford, FPC Executive Director.
Visit the Faster Payments Playbook online at FasterPaymentsPlaybook.org. The Playbook is a living resource that will be updated over time to reflect new developments on the faster payments landscape. For more information on the Playbook initiative or to join the Project Team that will embark on the next phase of the Playbook for business end users, visit www.nacha.org/payments-innovation-alliance.
Introducing the Faster Payments Playbook, an online resource to help your organization build an effective #fasterpayments strategy by @NachaOnline’s Payments Innovation Alliance and @Faster_Payments nacha.org fasterpaymentscouncil.org
