Welcome to this week's edition of Innovating Payments News: Weekly Top 3. This week's headlines shine the spotlight on real-time payments for the corporate and business end-user. Learn how real-time payments can benefit your business customers. And in other news, Zelle is becoming a linchpin in faster payments, according to American Banker. What does that mean for your financial institution?
Read on to learn more.
1. Reframing Real-Time Payments for The Corporate End User - PYMNTS.com
Real-time payments continue to face an uncertain future in corporate and small business payments. Emerging real-time rails, as well as upgrades to current infrastructure targeting faster movement of funds, are efforts that today are viewed as essential to keeping pace with a rapidly evolving and digitizing economy. They're also key to propelling that evolution even further. Yet for businesses, making payments in real time is not necessarily at the top of their priority lists. Read more.
2. Why South Florida Businesses are Turning to Real-Time Payments to Initiate Growth: A Conversation with PNC Bank Exec - Southern Florida Business Journal
Over the last several years, the financial services industry has pivoted its offerings to meet the demands of customers' expectations and security needs. The impact of the coronavirus has compounded the need for innovative, user-centric digital solutions. The pandemic has many businesses testing their resiliency plans all at once and for some – potentially for the first time. Read more.
3. Zelle Becoming Linchpin in Faster Payments as its Traffic Grows - American Banker
Early Warning's Zelle network on Thursday reported strong second-quarter growth, and it's connecting more payments systems with each other - which experts say could contribute to U.S. efforts to develop faster payments. Zelle processed $120 billion of payments, a 68% gain from a year earlier, and conducted 436 million transactions, a 58% increase. During the quarter it also added the 1,000th financial institution to its network, the Syracuse Fire Department Employees Credit Union in New York. Read more.
How is your financial institution helping businesses embrace the value of real-time payments? What can you do to motivate corporate end-users to move real-time payments higher up on their priority lists? Zelle has been increasing its interoperability with other networks by linking to payment rails such as The Clearing House's Real-Time Payments (RTP®) Network. How is this impacting your financial institution?
Be sure to check back for next week's top three news items, highlighting the industry's most pressing and need-to-know developments.
AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.