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Understanding which of your clients would be a good fit for Instant Payments is key to developing your FI’s Instant Payments strategy. Below are three key features that FIs can use to evaluate clients who may benefit from Instant Payments.
Payments industry publications these days describe transactions as “faster” and “instant.” Is this just author preference, or are there agreed-upon definitions of these terms, and if so, what are the qualities that differentiate…
The defining characteristic of an Instant Payment transaction is the speed with which it clears (i.e., the movement of funds from the sender to the receiver) and settles (the exchange of funds between the sender’s and receiver’s financial institutions).
The qualities that attract Instant Payments to senders and receivers; 24x7x365 availability, clearing speed, and finality of settlement, are the same features that make Instant Payments an attractive target for fraudsters to exploit. Because Instant Payments are always credit-push transactions…
As a follow-up to our last Instant Payments Insights article, “Who Are Your Potential Instant Payment Clients?” we want to do a deeper dive in the key use cases that businesses and consumers are expected to use Instant Payments for. It is important to remember…
Continuing our discussion of Instant Payments use cases from our previous Instant Payments Insights, we want to provide a deeper dive on one of the use cases that is anticipated to drive the adoption of Instant Payments: Request for Payment, or RFP.
We keep hearing that the new Instant Payments networks will be using the ISO 20022 format standard. What exactly is ISO 20022?
ISO, the International Organization for Standardization, is a global organization that maintains standards for many industries…
One of the most common concerns we at Wespay hear from our FI members is how they will handle exceptions when it comes to Instant Payments via RTP and FedNow. The underlying concern is whether the FI needs support staff available 24x7x365 to handle exceptions in real-time.
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