Do Not Miss the Kick-Off with Faster Payments!
- The US Treasury
- Bankers Bank Madison
- Incredible Bank
- Bridge Community Bank
New recruits include:
- HawaiiUSA Federal Credit Union
Short term contracts and special pricing available through Open Payment Network (OPN).
“The payment system progression to real time is here. Bridge Bank has been receiving real time payments for more than two (2) years. It is daily reminder that our customers are making and receiving payments without us. We have mastered the Receive side with minimal risk and expense. Now we are prioritizing and working on some of the use cases. Bridge Bank is working hard on the Send side and we need our community bank peers to have the ability to receive – early. If we can do that, then our customers can send an instant payment and we can control our own timeline and investment. All the while recognizing faster provides value.” Bob Steen - President of Bridge Community Bank
As we talk to our members and listen at conferences the general thread is that we MUST get onto Faster Payments but let’s wait and see it fully developed and how others have done it. What we have also learned from experience, with such things as mobile apps, is that waiting can be costly from a number of stand points. This can include the loss of customers; and the accelerated implementation to “play catch up” can be extremely expensive (dollars and resources).
Macha, together with our Faster Payments Committee, has worked to identify what is needed. We are exploring how best to proceed in a logical, thoughtful, and staged approach to minimize costs, risks, exposures and duplication of efforts. Our Faster Payments Committee, working with other Macha members, has developed a partnership with OPN to help our members fully implement an interoperable platform for both FedNowSM and RTP. This platform includes a phased implementation starting with receiving Faster Payments and gradually expands at a speed that is comfortable for each individual member. This strategy was developed with the clear intent to provide our members with the opportunity to embrace Faster Payments now with minimal cost and commitment.
If you are not aware of this Macha project, we would strongly encourage you to learn about it quickly so you can take advantage of this unique opportunity. This will help set you up for a successful FedNowSM launch later this year. There is limited availability, so please contact Mary Gilmeister at (262)345-1245 or firstname.lastname@example.org to learn more about this opportunity and to sign up while you still can.
We need 25 FI players on our team!