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With the system joining the existing RTP system, both promising to modernize the way money moves and allow for greater use of instant payments, it seems the shift to real-time payments is 'inevitable'. FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. What are your options?
By Wanda Downs, AAP, APRP, NCP, Senior Vice President, PaymentsEducation, ePayResources Nacha’s Accredited ACH Professional (AAP) and Accredited Payments Risk Professional (APRP) programs both hit milestone anniversaries in 2023, celebrating 30 years and 5 years, respectively.
Faster payments may not be the most popular disbursement method, but markets are regularly adopting them for consumer payouts. The entertainment, insurance, music, restaurant and retail industries are all experimenting with real-time disbursements, as are healthcare providers and government agencies responsible for taxes and other refunds.
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