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

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

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

Customer Service and Front Line Education

• 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

• 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

Marketing and Communications Education

• Explain how your organization’s offerings compare to those provided by your competitors and other similar financial institutions

• Focus on why this solution was selected

  • Benefits to customers
  • Strategic benefits for your organization

• 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

• 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

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)

Compliance

• Consider how BSA, AML and OFAC policies may be impacted

• 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?

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