FASTER PAYMENTS - What Are Faster Payments?

Faster Payments Services allows customers to make quicker electronic payments or transfers over the phone or online. Funds can be transferred and accessed almost immediately, and usually within a couple of minutes or hours at most, instead of days. Financial Institutions operating on a Faster Payments Service can process payments and transfers 24 hours a day, any day of the week. This includes weekends and Bank Holidays.
 
FASTER PAYMENTS PLAYBOOK
   
Nacha Faster Payments

Nacha’s Payments Innovation Alliance and the U.S. Faster Payments Council Collaborate to Develop the Faster Payments Playbook

The Playbook is designed to provide financial institutions and business end users with clarity on how to develop a faster payments strategy.
Nacha and its Payments Innovation Alliance, jointly with the U.S. Faster Payments Council, are announcing a collaboration to further develop the Faster Payments Playbook, an educational and online decisioning platform that will help banks, credit unions and businesses develop a faster payments strategy – from concept to reality.

Access the Faster Payments Playbook: Faster Payments 101 - An Introduction to Faster Payments in the US

Press Release: Nacha’s Payments Innovation Alliance and the U.S. Faster Payments Council Launch the Faster Payments Playbook

CENTER FOR PAYMENTS
Center for PaymentsThe Center for Payments is a joint program sponsored by eleven payments associations for the purpose of helping members and staff better prepare for the continued evolution in U.S. payment systems. The mission of the Center for Payments is to advance the payments industry as a united voice through market intelligence and thought leadership.

As the payments industry continues to evolve, how are small to midsize financial institutions integrating payments innovation and change into strategic planning? This study, conducted by the Center for Payments, surveyed payment systems participants from across the United States to examine how financial institutions and others are planning or implementing a payments strategy and adopting new technologies, like faster payment solutions.

The Key Objectives of the Study:

US FASTER PAYMENTS COUNCIL
 
Faster PaymentsDo you want a hand in shaping the future of the nation’s payments system? The U.S. Faster Payments Council (FPC) is a new membership organization established so Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability.

FPC members use private-sector approaches to address issues that inhibit adoption of faster payments, and enable end users to reach each other in ways as seamless and transparent to them as mobile texting.

The FPC gives members an edge in navigating the evolving faster payments landscape:
  • Focus on the larger goals of safety, security and adoption of all faster payments
  • Opportunities to broaden their reach and leverage investments across a much broader base of transactions
  • Safe forums for dialogue governed by strong antitrust guard rails

Become a Member of The Faster Payments Council

RESOURCES

PERSON-TO-PERSON PAYMENT INFOGRAPH
SAME DAY ACH GUIDANCE ODFI INFOGRAPH

Why Small Business Love ACH Payments Video

 
FASTER PAYMENTS EDUCATION

At the UMACHA Annual Conference, Navigating Payments, in 2018 and again in 2019 we held a general session panel that focused around faster payments and the future, during these sessions we conducted a live poll for the audience to see where their institutions were with a faster payments strategy. You can view the results of those polls and see how your institution measures up with your strategy:
THE PAYMENTS PROFESSOR


Payments Professor Caricature

We are excited to be partnering with Kevin Olsen, AKA The Payments Professor and his Faster Fridays YouTube Series.

Kevin Olsen, SR. Vice President Payments Solutions at VSoft is also known as “The Payments Professor”
Kevin has a demonstrated history of working in the electronic payments industry and develops programs, presentations, and articles designed to orient and educate financial professionals on a multitude of electronic payment topics.
Among his many certifications Kevin is an Accredited ACH Professional (AAP), an Accredited Payments Risk Professional (APRP), and an NCP (National Check Payments Certification) as well as an NCP Certified Trainer.


Check Out The The Payments Professor YouTube Channel For Faster Payments
Videos From 2020 Predictions to Government Reclamations and other Faster Info!

Payments Professor Logo

 

 
INDUSTRY RESOURCES
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