The buzz surrounding instant payments is undeniable, and its potential to reshape the financial landscape is engaging institutions across the country. I’d like to share valuable insights gleaned from my recent workshop titled "Instant Payments in a Box Blueprint for Success."
This workshop explored the business opportunities around instant payments, and the crucial considerations institutions need to make when joining the instant payment networks (FedNow and/or RTP). A diverse group of financial professionals from a ~$2 billion bank with a strong commercial focus participated. The workshop shed light on the opportunities and impact of instant payments on various bank departments:
Leadership Clarity: For Directors of Operations and Treasury Management, a clear understanding of how instant payments function is critical. This empowers them to make informed decisions regarding implementation and potential revenue streams.
Treasury Strategy: Treasury Management professionals explored options to integrate instant payments seamlessly with existing treasury functions. The workshop discussed strategies for addressing customer needs, as well as implications for technology and daily operations.
Audit Gains Understanding: Internal audit teams, sometimes perceived as a "roadblock," often lack in-depth knowledge of new technologies. This workshop empowered them by addressing their concerns, while helping them grasp the impact on current processes and identify ways to facilitate, not hinder, instant payment adoption.
Applications & Fraud Teams Prepare: Applications Managers responsible for navigating vendor solutions gained a deeper understanding of the bank's vision and the implications on the technical aspects of instant payments. Similarly, Fraud teams learned how instant payments affect their work, enabling them to assess current security measures and determine whether additional reinforcements are needed.
Customer Focus & Risk Management: Call Center personnel gained insights on how instant payments benefit customers, particularly by potentially reducing call volume. This specific bank was particularly interested in the impact on dispute resolution. Risk management professionals gained a clearer understanding of potential fraud risks and mitigation strategies during the session.
Building Confidence & Inspiring Leaders: Attendees sought the ability to confidently discuss instant payments with colleagues and leadership. The workshop equipped them with the knowledge and tools to advocate for adoption and influence decision-making within their institution.
A Shared Vision for Success:
One key takeaway from the workshop discussion was the challenge of securing buy-in from leadership and teams. The workshop proved instrumental in helping participants see the inherent value of instant payments, as well as how different roles within an organization are impacted. The session fostered a collaborative environment, leading the participants to identify several high-volume clients burdened by time-consuming manual processes. These processes could be significantly streamlined by leveraging instant payments (e.g., a client sending numerous daily wires with minimal transaction value).
Overall, the workshop facilitated a valuable exchange of knowledge between a diverse range of financial professionals. Building confidence through a comprehensive picture of instant payments, ana a high-level roadmap for successful implementation, giving them a competitive edge in the evolving financial landscape.
About the Author
Marcia Klingensmith is a FinTech Consultant with a passion for innovation in the payments landscape. With more than 15 years of experience helping financial institutions navigate the ever-evolving world of payments, Marcia is a trusted advisor on instant payments, cross-border transactions, and the future of money. She is committed to promoting conversations that push the boundaries of financial technology and empower businesses to leverage its potential.
The workshop sparked insightful discussions about various aspects of instant payments. What are your biggest challenges or questions about implementing instant payments? Share them in the comments below!
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