Planning for Internal Audiences
- Education will vary depending on your organizational structure Training plan needs to be targeted and designed to address specific roles to the department.
- Some examples of impacted departments could include:
Process and Policy Changes
- Before crafting any education plan it is imperative to consider process and policy changes that could impact specific areas
- Education will vary depending on your organizational structure
- Training needs to be targeted and designed to address specific roles
Level–Setting for Internal Audiences
- Provide general or foundational information to all internal stakeholders
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Describe the environment
- Articulate why your organization needs a faster payments strategy in general
- Demonstrate why the specific strategy and offerings matter to your financial institution and its customers
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Consider leveraging faster payments resources that already exist (Nacha, Payment Associations, Federal Reserve)
- Reference information provided in Faster Payments 101
- Direct to available education and resources
- Be as specific as possible. Match specific sessions and courses to needs and topics that align with internal audiences
- Utilize case studies of early adopters
- Consider specific use cases that are unique to your organization
Targeted Internal Audiences
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Board of Directors and Executive Management Education
- Consider how to educate your organization’s leadership based on practices and preferences including the frequency, methods and levels of detail for communication
- Explain strategy
- Explore cost and benefits
- Address risk and fraud mitigation
- Identify additional opportunities for growth
- Suggest some education resources for those who wish to become more engaged or informed
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Customer Service and Front Line Education
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Provide high-level summary of solutions your organization offers
- Customer service needs general awareness of solutions your organization offers to be able to speak to their customers
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Consider developing a quick reference guide or other tool that includes information such as:
- Frequently asked questions
- Attributes of products
- How customers enroll, access and use
- The customer’s rights
- Process to dispute transactions
- Funds availability and funds posting
- How to use aliases such as email address or mobile number versus traditional account number
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Marketing and Communications Education
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Explain how your organization’s offerings compare to those provided by your competitors and other similar financial institutions
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Focus on why this solution was selected
- Benefits to customers
- Strategic benefits for your organization
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Ensure group is fluent in language and terminology
- Develop key messages
- Determine where to market
- Consider executing a media campaign
- Create scripts for staff to use in call center
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- Payment Operations
- Changes to procedures and schedules
- Provide information regarding new process flows and real-time settlement
- Understand how to respond to exceptions
- Consider deadline and timing changes due to possible increase number of reconciliations
- Review process to authenticate customer
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Risk & Fraud Management and Mitigation
- Identify potential fraud types and avenues
- Train on any new data that will be available to use for reporting and analysis
- Implement new fraud notifications and how to respond or react
- Consider how to monitor transaction activity 24/7/365
- Track new threats to recognize possible patterns or vulnerabilities
- Upgrade risk mitigation tools
- Consider leveraging artificial intelligence-based and vendor-driven solutions
- Review controls (transaction frequency and amount limits)
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Compliance
- Consider how BSA, AML and OFAC policies may be impacted
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Determine if there will there be new customer due diligence for faster payments types, for example:
- If an account is newly opened, will enrollment in faster payments be allowed?
- Will there be transaction limits based on customer type and geography?
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Treasury & Treasury Management
- Identify cash flow control and liquidity impacts
- Consider impacts to ERP systems, if applicable
- Define processes to manage Fed accounts 24/7/365 for forecasting, liquidity, cash and credit management