The American Council 🇺🇸 on Faster Payments (FPC) released a guide for financial institutions

The American Council 🇺🇸 on Faster Payments (FPC) released a guide for financial institutions

The “Operational Guidelines for Receiving Instant Payments” document the implementation of instant payments, including the RTP and FedNow systems.

▶️ According to the FPC, U.S. financial institutions must specifically adapt to the potential challenges of faster payments.

▶️ The guide addresses issues related to liquidity management, fraud prevention, business continuity, and even staffing requirements.

▶️ Contextually: the FedNow rapid payment system (privately owned by the Clearing House) is just over a year old but has already surpassed RTP (owned and operated by the Federal Reserve), which has existed since 1996, in the number of users. 6. A survey conducted by the Federal Reserve in May 2024 found that consumers place a high value on instant payments: in 2023, 86% of businesses and 74% of consumers used the instant payments service.

#news #USA

🏦 Payouter.com — reliable payment partner in CIS and India 🇮🇳, with 54% conversion on initial payments.