Nacha and its Payments Innovation Alliance, jointly with the U.S. Faster Payments Council (FPC), launched the Faster Payments Playbook, an online educational and decisioning platform that will help banks and credit unions develop a faster payments strategy from concept to reality.
The Playbook is a co-branded industry resource developed by the two groups that will help stakeholders level-set on faster payments developments, assess the benefits and requirements of faster payments, and navigate the process of developing a faster payments strategy. While the current iteration of the Playbook focuses on developing a faster payments strategy for financial institutions, the next version will focus on business end users.
The Alliance – comprised of a diverse membership of nearly 200 organizations including corporates, third-party processors, fintechs and financial institutions – is playing a crucial role in helping organizations gain clarity on the topic of faster payments. The Faster Payments Project Team was formed in June 2018.
Comprised of more than 175 financial institutions, payment network operators, technology providers, business end users, consumer organizations and others, the FPC is a membership organization whose goal is to advance the U.S. payment system so that Americans can safely and securely pay anyone, anywhere, at any time with near-immediate funds availability.
“Now is the time for financial institutions to become educated about all types of faster payments from Same Day ACH to instant payments,” said Jane Larimer, Nacha President and CEO. “Having a faster payments strategy – or at least beginning the process – is critical for financial institutions so they can meet the needs of their customers now and into the future.”
“The Faster Payments Playbook is designed to serve as a resource that can be shared widely across the industry. Our partnership with Nacha directly supports the efforts of the FPC to move the collective industry forward,” said Kim Ford, FPC Executive Director.
Visit the Faster Payments Playbook online at FasterPaymentsPlaybook.org. The Playbook is a living resource that will be updated over time to reflect new developments on the faster payments landscape. For more information on the Playbook initiative or to join the Project Team that will embark on the next phase of the Playbook for business end users, visit www.nacha.org/payments-innovation-alliance.
About Nacha’s Payments Innovation Alliance
The Payments Innovation Alliance is a 200-plus membership organization that brings together diverse, global stakeholders to support payments innovation. Through collaboration, discussion, debate, education, networking and special projects, the Alliance seeks to grow and advance payments and payments technology to better meet and serve the needs of the evolving industry. For more information and to learn how to join, visit https://www.nacha.org/payments-innovation-alliance.
About the U.S. Faster Payments Council
The FPC is a new industry-led membership organization whose mission is to facilitate a world class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system. Guided by principles of fairness, inclusiveness, flexibility and transparency, the FPC will use collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country. For more information, please visit FasterPaymentsCouncil.org.
Nacha is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies. Through the development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha’s efforts benefit all stakeholders. Nacha is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2018, there were 27 billion ACH payments, and more than $51 trillion in value moved across the ACH Network. Nacha also leads groups focused on API standardization and B2B payment enablement.