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.
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England visit the Aviva in a fortnight’s time, and before that Johnny Sexton is due to play for his club Racing Metro next Saturday. The out-half suffered a nasty gash to the head in yesterday’s game, and Ireland head coach Joe Schmidt admitted to being apprehensive about Sexton’s return to France: https://soundcloud.com/tippfmradio/schmidt-talks-about-johnny-sexton?in=tippfmradio/sets/tipp-fm-sportEngland had it easier against Italy, but did concede three tries in a 47-17 win.Two sides looking to get their campaigns back on track meet at Murrayfield this afternoon.Both Scotland and Wales lost their opening fixtures.Kick off at Murrayfield is at 3 o’clock. Ireland will play host to England in the third round of matches, with both coming through yesterday’s tests victorious.Joe Schmidt’s side got the better of an attritional encounter with France, eventually running out 18 points to 11 winners.Ireland sit on the shoulder of England at the top of the Six Nations table, following yesterday’s bruising win.
Netflix users have been warned to be wary of well-designed fake emails that ask them to update their payment details.This latest phishing scam surrounding the streaming service tricks users into giving away their passwords and credit card details.The convincing email titled ‘Payment declined’ directs people to a page with fake branding that asks for card details and password verification. Image via www.mailguard.com.auAustralian security company MailGuard warns that the email is a ‘well designed fake’ and the latest in a series of Netflix emails by fraudsters:“Their large customer base makes them a valuable target for brandjacking; cybercrime that exploits the trademarks of well-known companies to deceive victims,” according to Mailguard.The email says the user’s card was declined and asks them to update their details in order to continue using their account.Image via www.mailguard.com.au“This sort of phishing scam allows cybercriminals to harvest victim’s credit card credentials. The phishing page is designed to operate like a legitimate login portal. It asks for card details and password verification, then ejects the scam victim to a real Netflix page to allay suspicion.” Those who receive an email or text message that is not from Netflix are warned not to reply and to report it.Netflix issued the following advice for suspicious emails and texts:Never enter your login or financial details after following a link in an email or text message. If you’re unsure if you’re visiting our legitimate Netflix website, type www.netflix.com directly into your web browser.Never click on any links or open any attachments in an email or text message you received unexpectedly, regardless of the source.If you suspect an email or text message is not from Netflix, do not reply to it.For details on reporting scams visit: https://help.netflix.com/en/node/65674?ba=SwiftypeResultClick&q=phishing New Netflix scam targets users’ bank accounts was last modified: January 15th, 2018 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Netflixscam