What are “faster payments”? Do you have an answer to that question if senior leadership comes to you and asks about the faster payment initiatives the financial institution should pursue? If you cannot think of an answer to that question now, then EPCOR can help!
For all the talk about faster payments in the past few years, many still do not understand why the industry perceives a need to accelerate payments or what a move to faster payments will mean for ALL financial institutions regardless of size. While some of the largest financial institutions are forging ahead, we know that EPCOR’s membership tends to prefer a “wait and see” strategy; our recent 2017 Payments Benchmarking Study revealed a majority to consider their institution a proven, reluctant, or late adopter. But in the race to faster payments, with no clear winner in sight, what will it mean to remain a proven, reluctant, or late adopter? Now is the time for your institution to develop a payments strategy that includes faster payments or to update your existing one to account for all the innovations shaping the payments landscape.
EPCOR is hosting Faster Payments Symposiums throughout our footprint that will provide an opportunity to engage in a dialogue with peers about the challenges and benefits of faster payments and it will give you the information necessary to explain “faster payments”.
I look forward to seeing you all at a Faster Payments Symposium this fall. If you have any questions about faster payments or the Symposium, please feel free to email me at brianl@epcor.org.
EPCOR Faster Payments Symposiums
August 30 – St. Louis, MO
September 14 – Indianapolis, IN
September 28 – Columbus, OH (Co-sponsored by the Ohio Bankers League)