Welcome to Innovating Payments Top 3 News Headlines for the Week of Sept. 4, 2022. This issue examines the growth of the RTP network in the United States and how it compares to its peers around the globe. Also in the news, Zelle announced it has sent over five billion transactions totaling close to $1.5 trillion in five years. Finally, we look at how the Great Resignation changed the banking workforce forever.
Read on to learn more.
1. PYMNTS Intelligence: How the US Is Implementing Real-Time Payments (PYMNTS) Quick and accurate payments are critical in the modern economy for both consumers and businesses. Both groups relied largely on legacy systems such as wire transfers and paper checks until recently, and these came with a barrel of challenges, including delays, inaccurate totals and tedious manual processes for accounts payable (AP) departments. The launch of The Clearing House's (TCH's) RTP® network was heralded as a game-changer in the payments world - and for many businesses and individuals, this proved to be the case - but five years since its introduction, it is still common only among a minority of businesses. (Read more.)
2. Zelle: 5 Billion Transactions in 5 Years (PYMNTS)
Digital payments network Zelle has been in a lot of hot water lately over alleged fraudulent transactions and the blame game. While there's no resolution, one thing is clear: the 5-year-old peer-to-peer (P2P) payments player is operating in the big leagues. Despite being a relative newcomer to the P2P payments space, consumers and businesses have sent over five billion transactions over Zelle totaling close to $1.5 trillion since the firm launched in 2017, according to a press release on Thursday (Sept. 8). (Read more.)
3. How the Great Resignation Changed the Banking Workforce Forever (The Financial Brand)
Some business leaders assume the Great Resignation ended months ago, yet new data confirms it's still going strong, particularly among Millennial and Gen Z workers. The trend is forcing banking leaders to better understand how to hold onto (and attract) financial institution employees. Some will argue we're out of the woods of the Great Resignation, which hit toward the end of 2021. Yet, just because the headlines stopped using the term 'Great Resignation' as often doesn't mean it's over. (Read more.)
Where does your financial institution stand in the real-time payments space? Despite the recent press Zelle has received over alleged fraudulent transactions, the company has sent five billion transactions in five years. What is your experience with Zelle? How has the Great Resignation changed the workforce at your financial institution?
Check back soon for our next issue, which will again highlight the industry's most pressing and 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.