Innovating Payments Top 3 Headlines For the Week of Oct. 1

Welcome to Innovating Payments Top 3 Headlines for the Week of Oct. 1. In this issue, finance leaders have shifted to defense mode, according to U.S. Bank CFO Insights Report, with cost controls a top priority. In other news, a new study from Capgemini suggests new revenue opportunities for the banking industry in commercial payments. The study urges financial institutions to offer enhanced cash management services and help businesses with all things payments. Finally, the FedNow® Service Industry Work Group has issued market practices for requests for payment (RFP). 

Read on to learn more.

1.  U.S. Bank CFO Insights Report: Finance Leaders Shift to Defense Mode (U.S. Bancorp)

U.S. corporate finance leaders have firmly pivoted their focus from revenue growth to cost control as they navigate through an uncertain economic environment and rapidly changing business landscape, according to the 2023 U.S. Bank CFO Insights Report. The survey of more than 1,400 senior finance professionals nationwide revealed that the top two priorities are cost controls within the finance function – up from the eighth highest priority in 2021 – and cost controls across the entire business, a shift from 2022. (Read more.)

2. Digital Business Payments Is the Next Frontier for Banks and Fintechs (The Financial Brand)

From digital wallets to palm payments, glitzy retail payment innovations often grab headlines. But a new studyfrom Capgemini suggests an even bigger revenue opportunity for the banking industry can be found in commercial payments. The study urges banks to offer enhanced cash management services and put more emphasis on how they can help businesses with all things payments. Businesses are dealing with inflation and higher interest rates-and many have a much greater need than they did before to know their precise cash position all the time. (Read more.)

3. FedNow® Service Industry Work Group Issues Market Practices for Request for Payment (FedNow Explorer)

The Federal Reserve today released market practices (off-site) to advance standardized implementation of the request for payment (RFP) feature of instant payments. RFP has the potential to be a powerful tool that financial institutions and service providers can use to build instant bill pay services to help their customers better manage cash flow. The RFP market practices were developed by an industry work group convened by the Federal Reserve with diverse industry representation. (Read more.)

Where does controlling costs fall on your priorities list? What is your financial institution doing to help businesses with all things payments? How has your perspective on FedNow changed, knowing new features are on the horizon? 

Check back soon for our next issue, highlighting the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.

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