As innovations in payments have been gaining momentum in the United States, many may be wondering if they should deepen their understanding of faster, or more specifically, instant payments. Questions can arise, such as: what is a “faster payment” and how is it different from an “instant, or real-time, payment;” how do different kinds of faster payment transaction process; what do payers, payees and their financial services providers need to do make these kinds of payments; and why is now the right time to consider adopting some type of faster payment option.
Follow the Journey
Through our Instant Payments Journey series, we will guide payments stakeholders along an educational roadmap, beginning with the basics of faster payments and progressing on the path toward eventual adoption, focusing particularly on instant payments.
The graphic outlines this journey and Waypoints along the way, specifically:
Waypoint #1: Exploring the world of faster payments
Read up on the basics — general information and background on faster payments.
Take a deeper dive into instant payments vs. other types of faster payments, and learn more about the intricacies, including how settlement works, the instant payments ecosystem and the FedNowSM Service.
Waypoint #3: Embarking on an instant payments transformation
Consider the implications of 24x7x365 operations, evaluate value-added services that will help mitigate risks, and learn about the end-user tools that will deliver value and be key to a successful implementation of instant payments.