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With demand from consumers and businesses for faster payments firmly established, financial institutions recognize the need to act, but where do they stand on implementation planning? To find out, the Center for Payments, a collaboration of ten Payments Associations helping their members keep pace with the continued evolution of U.S.
However, regardless of how corporates adopt faster payment technologies, many experts agree that the acceleration of payments in the country will have profound effects on the broader financial services space, and those changes are likely to impact how companies manage money and operate in a new ecosystem of payments innovation.
The Role of Regulations Regulations play a key role in promoting innovation while also protecting consumers. The Payments Associations that sponsor the Center for Payments provide expertise, collaboration, and support to financial institutions and fintechs to create and maintain safe and secure payment channels that empower all consumers.
While existing payments systems still fulfill their functions and purposes and will continue to do so, new rails create solutions and opportunities that can position your organization for what’s to come. Your customers and members want faster payment solutions. Visit Center for Payments to connect with your Payments Association.
There is a significant upward growth trend with RTP as more financial institutions and companies find use cases for instant payments. FedNow is the Federal Reserve’s service to offer similar instant payment capabilities. And don’t forget to get involved with your Payments Association to explore education and networking events.
The FBI warns consumers to be on the lookout for fake websites, counterfeit products, and phishing emails that appear to be coming from trusted retailers that consumers normally engage with. The post ‘Tis the Season for Fraud: How to Keep Your Holidays Scam-Free appeared first on Center for Payments.
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