Welcome to Innovating Payments Top 3 News Headlines for the Week of May 19. In this week's top stories, NEACH announced the recipients of the 2024 Excellence Awards, which showcase outstanding payments contributions in leadership, products, or services to the financial industry. Also happening this week, the Credit Union National Association (CUNA) shared insights members have gained on instant payments use cases. Finally, with new and emerging payment rails changing the cross-border space, regulators are cracking down and shaping the future of cross-border payments.
Read on to learn more.
1. NEACH Announces Recipients of the 2024 Excellence Awards (Businesswire)
Today, the New England Automated Clearing House (NEACH) announced the winners of its NEACH Excellence Awards, which showcase outstanding payments contributions in leadership, products, or services to the financial services industry. As members of NEACH, award recipients display critical characteristics that support the transformation of payments through innovation, dedication, and excellence. "The NEACH Excellence Awards are designed to recognize the hard work of the financial institutions and businesses in New England and throughout the U.S.," said Sean Carter, AAP, APRP, NCP, President and CEO, NEACH. "We are fortunate to have such a diverse pool of industry-leading financial institutions who partner with organizations who can help them succeed, and we are thrilled to honor those who have stepped up this year. (Read more.)
2. FedNow® Participants Share Insights on Instant Payment Use Cases (CUNA)
The Federal Reserve's FedNow® Service launched in July 2023, enabling eligible U.S. depository institutions of various sizes to build and deliver instant payment solutions for the people they serve. Today, hundreds of institutions are on the network, and the number is growing daily. Many credit unions have already implemented the service to gain a competitive edge and improve member experience. Participating in the FedNow Service provides other benefits to credit unions, too. "Instant payments are helpful to us as a smaller financial institution because they reduce the buildup of interbank obligations," says Scott Young, vice president of payment operations at Hawaii USA Federal Credit Union in Honolulu. (Read more.)
3. How Compliance is Shaping the Future of Cross-Border Payments (PYMNTS)
There are over 19,000 tax jurisdictions worldwide - any of which can change in an instant. With new and emerging payment rails, such as instant payments, helping to transform the cross-border space, regulators are increasingly cracking down on businesses in the payment chain to ensure that new technologies don't drive an increase in financial crime. That puts the onus on businesses to stay compliant. As a result, the pendulum of enterprise spend is starting to swing toward investing in the back office for firms that are eyeing cross-border expansion beyond their domestic markets. (Read more.)
In what ways have your financial institution contributed to the broader community and financial services industry? What benefits might FedNow offer your financial institution and its customers/members? How do you see compliance shaping payments, specifically cross-border payments?
Check back soon for our next issue, which will highlight the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
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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.
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