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09/01/2021
Credit Unions Turn to Tech, Education to Blunt Real-Time Payment Fraud
PYMNTS.com
Real-time payments are quickly becoming table stakes in the high-speed digital world.
A survey found that the availability of real-time payments was a deciding factor for businesses when looking for a banking partner, for example, and four-fifths of companies said real-time payments have the power to fundamentally reshape how they conduct daily business. Almost one-third of customers said access to such payments is a significant consideration when picking a financial institution (FI).
There are still obstacles and variable adoption rates preventing real-time payments from reaching an even larger audience, however. Real-time payments implementation has also been particularly lackluster among credit unions (CUs) in recent years, with just 10% of CUs developing such services this year, compared to 76% that said the same in 2019. FIs of all types will need to step up their game to remain competitive in the modern digital-first financial environment.
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