PSCU Partners with Javelin Strategy & Research to Release Faster Payments White Paper

“The Credit Unions’ Guide to Faster Payments” helps prepare credit unions for payments modernization

St. Petersburg, Fla. — (Sept. 16, 2019) — Faster payments have been evolving in the United States and around the world for years with different approaches. As recent efforts focus on instant payments, a new report by Javelin Strategy & Research helps credit unions better understand the complexity of these new payments and guides them through practical steps as they consider their faster payment strategies. The white paper, “The Credit Unions’ Guide to Faster Payments,” was published in conjunction with PSCU.

“As payment modernization continues to gain momentum, credit unions can and should have a seat at the table,” said Vladimir Jovanovic, manager, Innovation at PSCU. “Faster payment methods are accessible to credit unions, with more options becoming available in the near future. The time is now for credit unions to build definitive plans to go to market with these new payment methods, focusing on the needs of current and future members.”

The white paper discusses the classification of faster payments, payments modernization, use cases and international trends, while also sharing insights into credit union membership and approaches to adoption. It addresses the importance of debit card usage, age demographics and the adoption of new payments and technologies. Fraud is also addressed as an important component of any faster payments strategy. The report highlights other key aspects to adoption including:

According to the white paper, there are three ways faster, real-time and instant merchant payments will be seen within the credit union membership: disbursements, bill payment and mobile payments. Disbursements represent the most immediate impact, with mobile payments gradually being adopted.

The use cases for faster payments are expansive. Depending on their charter and focus, credit unions can easily identify practical implications of modernized payment methods. Modernizing bill payment, person-to-person (P2P) payments and merchant payments will be the primary drivers of change for credit unions, as the speed of payment and ease of transacting with a debit product will appeal to many members. While the faster payments ecosystem is still evolving, credit unions should be prepared for the future of payments.

Click here to download “The Credits Unions’ Guide to Faster Payments.”

About PSCU

PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than two billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, pscu.com.