Innovating Payments Top 3 News Headlines for the Week of May 28, 2023

Welcome to NEACH's Innovating Payments Top 3 News Headlines for the Week of May 28, 2023. In this issue, the Federal Reserve released the results of a new study that shows the appetite for instant payments continues to grow. In other news, the NY Fed and the Monetary Authority of Singapore published their joint central bank digital currency cross-border payment project results. Also, Jack Henry released its fifth annual survey of banks and credit unions. Included in the survey are high-level insights and emerging opportunities in payments.

Read on to learn more.

1.  New Research Studies Show Appetite for Instant Payments (The Federal Reserve)

U.S. businesses and consumers continue to express a desire for instant payments, according to new studies published by the Federal Reserve. A majority of businesses (83%) and consumers (75%) are already using faster payments, and most (66% of businesses and 61% of consumers) say they are likely to use faster payments more often in the future, according to new studies released today by the Federal Reserve. Read more.

2.  NY Fed and MAS Publish Joint CBDC Cross-Border Payment Project Results (Coin Telegraph)

The Federal Reserve Bank of New York's New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) have published the results of their joint "Project Cedar Phase 11 x Ubin+." The project examined the use of central bank digital currency (CBDC) for wholesale cross-border payments using one or more vehicle currencies . . . Cedar x Ubin+ "builds on existing wholesale CBDC research," according to the report, and focuses on interoperability, atomic settlement - the requirement that settlement be simultaneous for any of them to work - and near real-time settlement. The joint project began in November. (Read more.)

3. Jack Henry Releases Benchmark of Bank and Credit Union CEOs' Top Priorities (PR Newswire)

Deposits, loans, data, and efficiency top the list of strategic priorities for community and regional financial institutions, according to Jack Henry's fifth-annual survey of bank and credit union CEOs. The survey provides a peer benchmark for strategic planning, which financial institutions can use to pinpoint emerging areas of opportunity and allocate technology investments. In addition to providing high-level insights, the survey focuses on key competencies across technology infrastructure and major business lines, including core, open banking, digital, lending, payments, and risk, fraud, and security. (Read more.)

With the growing appetite for instant payments, what steps is your financial institution taking to meet consumer and business demand? What strategic priorities does your financial institution have around payments in the next three years?

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.