Payments Innovation AllianceUS Faster Payments Council

Prepare for Change

How Do You Prepare for Change?

  • Gather information to guide your organization’s decisions
  • Evaluate why your organization needs faster payments, as well as your current capabilities for faster payments
  • Develop and execute a strategy to assess your technologies, accountholder needs, and vendor relationships

Environmental Assessment Considerations

  • Current capabilities and technologies
  • Vendor relationships
  • Customer base and accountholder needs
  • Marketplace Assessment
Current Capabilities and Technologies
  • Staffing and Human Resources

    • Is your organization prepared to operate 24/7/365?
    • How will areas be staffed?
    • What business continuity processes might be impacted?
  • Technology

    • Does your organization utilize a core processor?
    • Will your core processor be equipped to implement the solutions your organization is offering?
    • What other technology (i.e., lending or credit card platforms, online banking, ATM operations) might be impacted by the change?
Vendor Relationships
  • What solutions does your organization’s current vendors, processors, or service providers support? What are their faster payments offerings?
  • Do your vendors, processors, or service providers support one or multiple faster payments solutions?
  • Look beyond your vendors’ sales pitches. Identify and examine other sources of information about your vendors’ products
  • Be an active participant in conversations with your vendors. Come prepared with questions and information to support your organization’s positions
  • Be prepared for new vendor relationships. If your current vendor cannot satisfy your requirements, then your organization may require new or additional relationships
Customer Base
  • Who or what is your organization’s current customer base?

    • Does your organization primarily serve a retail, business, or mixed customer base?

    • Where are your primary customers located? Does geography impact their needs and/or your organization’s capabilities?
  • Do you have details on the demographics of your customers? How do factors like age, income and gender impact payment preferences and usage?
  • How does your current customer base utilize your organization’s payment services? Do you have access to detailed transaction data to support your assessment?
    • Which channel(s) are their primary payment method? Why do your customers prefer one or more methods over others?
    • If your organization already supports one or more faster payment solutions, why and how do your customers use the product? Are there ways to improve?

Marketplace Assessment

  • Assess your organization’s place in the market relative to your peers:

    • How are similarly sized institutions or other peer institutions engaging in faster payments?
    • Are your competitors neglecting a market that your organization can serve with faster payments?

Deciding to Make the Change

  • Benefits of adopting faster payments:

    • Opportunities to expand your organization's offerings are only possible if embraced by financial institutions and payment processors
    • Evolving your processes and technologies will prepare your organization for future change in multiple lines of business and will help you remain competitive in the marketplace
  • Possible barriers to adoption:

    • Operational - Does your organization have what it needs to support operations 24/7/365?
    • Technical – Does your organization have the technical resources to support faster payments?
Module II Prepare for Change