Faster payments: The time is now

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Lou Grilli Lou Grilli is a Senior Innovation Strategist. Lou is tasked with building and shaping a superior payment and member experience capability for PSCU and its Owner credit unions. Lou’s … Web: https://www.pscu.com Details When it comes to supporting the latest payment forms on behalf of members, credit unions have several new options – each of which comes with its own set of challenges. Decades-old technology like checks, wire transfers and ACH are now working beside Visa Direct and Mastercard Send™ push payments. Every member with a smartphone has access to Venmo and some have access to Zelle. The Clearing House launched RTP®, a new real-time payment system, a little over two years ago. And even more recently, The Federal Reserve Bank announced it is developing a new service called FedNow that will allow all financial institutions in the U.S. to offer 24/7 real-time payment services as early as 2023 or 2024. Given all of these developments, what should a credit union do? The solution lies in what use cases the credit union is looking to satisfy.The Meaning of “Faster Payments”Credit and debit card transactions show up on a cardholder’s account as soon as the transaction is made, giving the appearance that transactions are occurring in real time. The actual settlement – or the movement of funds from the cardholder’s financial institution to that of the payee – actually takes place later. Settlement of ACH transactions, which includes bill pay and payments made using an account and routing number, can occur on the same day as the transaction is requested, sometimes within hours. These various payment “rails” suffice for most use cases today.There is a growing need, however, for payments to take place even faster, with the settlement of funds occurring in seconds and minutes versus hours and days. Furthermore, ACH settlement only occurs on business days – and this is not fast enough for everyone. For example, businesses that need to move funds to a vendor, gig workers who need their paychecks, insurance customers getting a disbursement or two parties conducting a real estate transaction do not want to wait.There are many different terms for “faster payments,” including faster, immediate, instant and real-time. Instant payments is the most accurate description of real-time messaging and settlement. This new payments method allows for the transmission of the payment message and the availability of “final” funds to the payee in real time or near-real time, on or close to a 24/7 basis.Use Cases for Instant PaymentsThere are two categories of potential use cases for instant payments: consumer and business, each of which have capabilities to receive funds (the minimum functionality) and send funds (origination). Here are a few examples:For businesses, it is expected that disbursements will comprise the largest volume of transactions, especially for the insurance and mortgage industries. For consumers, last-minute bill pay activity, such as paying rent and utilities, is generally viewed as a driver for a credit union to offer faster payments to its members. Additionally, any use case that currently involves wire transfer, a manual and time-consuming service which is only available when the credit union is open, can easily be usurped by faster payments.Next Steps for Credit UnionsCollaboration, something the industry is known for, is key as credit unions begin to explore faster payments and how it fits into their business and operating models. Conduct joint ideation with peer credit unions to determine what plans are being made or if any customer journey for faster payments has been mapped. Begin looking into requirements for technical integration and operational necessities. Leverage the resources, experience and scale of a trusted CUSO partner as you start establishing your real-time payments strategy. Educate yourself by attending webinars and other virtual events, reading white papers and articles from reputable sources like the U.S. Faster Payments Council, and follow the news about FedNow as it develops.The continuous growth rate of ACH, Zelle and real-time payments commercial transactions indicates there is an increasing appetite and market for faster payments. Credit unions should consider the needs of their members, both consumer and business, to determine when and how they will participate.last_img read more

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India arrests senior Kashmir leader under controversial law

first_imgNational Conference president Farooq Abdullah addresses his supporters during an election campaign rally in Srinagar, Indian controlled Kashmir. AP FarooqAbdullah, 81, who also was the former chief minister of Jammu and Kashmir, wasarrested at his residence in Srinagar, the summer capital and main city of thedisputed Himalayan region. “We havearrested him, and a committee will decide how long the arrest will be,” saidMuneer Khan, a top police official. (AP)center_img NEW DELHI – AParliament member who is a senior pro-India politician in Indian-controlledKashmir was arrested Monday under a controversial law that allows authoritiesto imprison someone for up to two years without charge or trial.last_img

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Richardson turns in improved performance from last weekend against Canisius

first_img Published on February 15, 2015 at 6:42 pm Contact Chris: [email protected] | @ChrisLibonati Facebook Twitter Google+ Kelsey Richardson tapped both goal posts twice, spun her stick, squatted, jumped and took two deliberate steps forward.Before the referee’s whistle blew, Richardson would shuffle her feet in place. Though Canisius’ nine free positions rotated around an 8-meter arc, each began with Richardson’s routine and most ended the same way — with Richardson staring down the shooter, swinging her stick down to cover the space between her legs and stopping a Canisius player’s bouncing shot.In an improved performance from last week’s outing against Canisius, Richardson stopped 11 of Canisius’ 17 shots and saved six of the Golden Griffins’ nine free positions before being subbed out with six minutes to go. In total, Syracuse stopped seven of Canisius’ free positions. No. 3 SU (3-0) topped Canisius (0-2) for a second straight week, 19-7, Sunday in the Carrier Dome.“This week, (we) started off with Canisius, so (we) got a little bit more work with them,” Richardson said, “focus more on their scout and their shooters. I think that that helped a lot.”In the Orange’s Feb. 7 doubleheader against Denver and Canisius, Richardson managed just 10 saves on 29 shots and allowed four goals on eight free positions. But this week, Richardson said she watched film of Canisius, noticing that its shooters shot low on free positions. She tracked the ball well, stopping bounce shot after bounce shot throughout the game.AdvertisementThis is placeholder textThe first time Richardson didn’t get her stick or body on a shot was 13 minutes into the game. SU had built a 5-2 lead and Canisius’ first goal came when the ball hit a defender’s stick, popped off of Richardson’s shoulder and trickled into the net before she could figure out where the ball had gone.Over a 10-minute stretch in the first half, Richardson dealt with players slashing through the defense and on the other end, the Orange couldn’t seem to get a goal with Erica Bodt firing a shot that appeared to go off the post. Gait and Bodt motioned to the referee, and Gait asked, “Hey, did that go in?”“We’re still working on developing some mental toughness,” head coach Gary Gait said, “and that means playing 60 minutes, not taking it too lightly.”But Gait called a timeout, assistant coach Regy Thorpe handled the defense and Gait broke out a whiteboard for the offense. The defense in front of Richardson regrouped. Despite the breakdown, Richardson still got a piece of nine of Canisius’ 12 shots in the first half. After the timeout, SU never looked back, outscoring Canisius 14-3 the rest of the game.Richardson executed her best stretch of saves right after the timeout. The goalie dropped to her knees to stop a Canisius free position, swinging her stick in front of the space between her legs. The ball rebounded after the initial save and Richardson popped back up to stop two point-blank shots.As time ticked off the clock, and the Orange began to close out Canisius, Richardson fed off the energy of SU’s dominance at the end of the game.Canisius fired a shot wide of the net and Richardson began to run to the end line to get the ball back for SU. The referee initially awarded the ball to Canisius, and Richardson jumped up and quickly glanced at the referee, incredulous at the call. The referee recognized his mistake and handed the ball back to SU.“It just gives us a lot of confidence … to know she’s got our back,” midfielder Taylor Gait said of Richardson. “She’s always communicating to us what to do, so it’s good.” Commentslast_img read more

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Rivera issues warning

first_imgTAMPA, Fla. – Mariano Rivera had this warning for the New York Yankees: If he becomes a free agent, he’ll consider offers from other teams. “Everybody has the same shot,” he said Wednesday. “The Yankees will not have an advantage.” Trachsel, 36, went 15-8 with a 4.97 ERA for the New York Mets in 2006. VIERA, Fla. – Former All-Star Dmitri Young agreed to a minor league contract with the Washington Nationals and got another chance after the Detroit Tigers cut him last year following legal and substance problems. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Catcher Jorge Posada also is entering the final season of his contract, and third baseman Alex Rodriguez can opt out of his deal after the World Series. Rivera, the backbone of the Yankees during their run of nine straight AL East titles, will earn $10.5 million this year, the final season of a three-year agreement. When he was about to enter the final season of his contract in 2004, the Yankees negotiated an extension during spring training. “The Yankees always knew that I wanted to be with the Yankees and finish my career with the Yankees,” he said. “If they don’t want to do (anything) with me, I’m not go home crying. I’m going to move on.” FORT MYERS, Fla. – The Boston Red Sox officially added outfielder J.D. Drew to their roster after left-handed pitcher Lenny DiNardo was claimed on waivers by the Oakland Athletics. FORT LAUDERDALE, Fla. – Free agent right-hander Steve Trachsel signed a one-year, $3.1 million contract with the Baltimore Orioles and will fill the void in the starting rotation left by Kris Benson’s injury. center_img Yankees general manager Brian Cashman called the 37-year-old closer Tuesday night, a day after Rivera said he was hoping for a contract extension. Cashman told Rivera his preference is to push back the matter until after the season. “It’s very hard, despite how great Mariano is, to all of a sudden pick and choose who to start discussing contracts with,” Cashman said. “If you start picking and choosing one, someone else is sitting there saying, `Well, why not me?’ ” last_img
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