Here Comes Faster Money Movement: PSCU and Glenbrook Release Thought-Provoking White Paper
St. Petersburg, Fla. – (December 15, 2016) – PSCU, the nation’s leading Credit Union Service Organization, and Glenbrook Partners, a payments industry strategy, consulting and research firm, have collaborated on the second in a series of white papers addressing the future of payments and the particular implications for credit unions. This white paper, entitled Money in the Age of Now, deals with the new strategies and technologies involved with enabling nearly instantaneous money movement between accounts at financial institutions. The newly released white paper is available for download online. PSCU is hosting a webinar on Jan. 18 at 2:00 p.m. to share the research in greater detail.
“Financial services consumers, especially Millennials, want faster money movement options and real-time transaction posting,” said Chuck Fagan, President and CEO of PSCU. “As new systems come to market to allow rapidly accelerated clearing and settlement of payments, we need to make sure the credit union industry has the strategy, technology and partnerships in place to remain relevant and competitive in the financial services marketplace.”
Consumers are not the only force driving development and adoption of faster money movement technology. The U.S. Federal Reserve organized the Faster Payments Task Force to spur competition and investment in faster solutions for end users to make real-time payments from any bank account to any other bank account. The task force also developed performance criteria for any potential new systems coming from the private sector. Faster Payments Task Force Effectiveness Criteria outlines 32 criteria organized in six categories: ubiquity, efficiency, safety and security, speed, legal framework, and governance.
The white paper discusses the forces behind the demand for faster money movement and how the financial services industry is aligning behind emerging competitors to provide this new payment technology. Beyond comparisons between the blueprints and strategies for the systems being developed or already in market, the white paper provides valuable insights on the effect these new systems could have on the current payments model and future revenue potential for the credit union industry.
“The faster money marketplace is already competitive, so credit unions should plan for the market to evolve quickly once real-time payment systems are up and running,” said George Peabody, Partner at Glenbrook Partners, “The P2P services currently offered by core processors were intended to be used for splitting the dinner bill or paying back friends; soon they could be used to split the rent or pay a merchant.”
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO). The company was recognized as CUSO of the Year in 2016 by the National Association of Credit Union Service Organizations. PSCU’s products, financial services solutions and service model collectively support over 850 Owner credit unions representing more than 20 million credit, debit, prepaid, online bill payment and mobile accounts; protect over 2 billion transactions annually from fraud; and optimize credit union performance and growth. Comprehensive 24/7/365 member support is delivered through call centers located throughout the United States. For more information, visit www.pscu.com.
About Glenbrook Partners
Founded in 2001, Glenbrook is a payments industry strategy consulting and research firm. Glenbrook brings to its clients a unique combination of specialized skills in payments, many years of hands-on experience in the field, and a network of professional relationships.
Glenbrook serves payments professionals in many different kinds of companies, including payments services providers, card networks, technology and risk management companies, banks, merchants, and treasury managers. Glenbrook works with start-ups in the industry as well as managers from leading companies that are looking to innovate. Glenbrook's team is composed of executives with broad exposure to many facets of the payments industry, including business management, marketing, technology, operations, and risk management.
Glenbrook offers clients strategy consulting, research, and industry education programs. Glenbrook also facilitates industry collaborations and provides landscape overviews of emerging payments.