Welcome to the first edition of Innovating Payments Top 3 News Headlines for 2022! This issue's top headline goes to Alloy Labs Alliance, a group of innovative community banks, who recently announced the launch of CHUCKTM, an open network for instant payments. Meanwhile, the fast deployment of innovations in banking has created some regulatory gaps, and regulators are raising concerns. And with a highly altered banking ecosystem due to the pandemic, a great deal of focus in 2022 will need to be on back-office processes, according to The Financial Brand.
Read on to learn more.
1. Community Banks Launch Chuck, Their Own Peer-to-Peer Payments Network (Digital Transactions)
A new competitor in the peer-to-peer payments landscape emerged Wednesday with the introduction of CHUCK, an open-loop P2P network founded by 10 community banks. The new network uses technology from digital payments platform provider Payrailz that enables customers of any of the member banks to send money to a debit card or bank account outside the CHUCK network, as well as within it. Read more.
2. Regulation Meets Technology in 2022 as FinTech, BigTech and Crypto Prep for New Rules (PYMNTS)
For the last five to ten years, technology has changed many aspects of our lives, from the way we do banking to how we move in a city or how we communicate. These innovations have a few features in common: they rely on new or recent technology (i.e., blockchain, online platforms), companies provide countrywide or worldwide access almost instantly (i.e., Uber, Stripe) and they are rapidly adopted by consumers. The fast deployment of these innovations has created regulatory gaps as technology moves much faster than regulation. Read more.
3. Digital Banking Transformations to Focus on Channels & Analytics in 2022 (The Financial Brand)
Digital banking transformation has enabled many financial institutions to become more prepared for the future as the world was disrupted by the pandemic. For those banks and credit unions that have become the most digitally mature, the focus on improving the customer experience, increasing the use of data and advanced analytics, and deploying new technologies has positioned them at a competitive advantage. Read more.
How does your financial institution handle P2P payments? Do you share the regulatory concerns of some regulators? Finally, what is your digital banking strategy and focus for 2022?
Check back soon for our next issue, which will highlight the industry's most need-to-know developments. Until then, visit us online at Innovating Payments.
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.