Payments Innovation AllianceUS Faster Payments Council

How to Communicate Your Strategy

Considerations

  • Socialize and Achieve Buy-In for the Plan
  • Ensure communications are in line with your organization’s culture.
  • Identify types and internal audiences of education.

Socialize and Achieve Buy-In for the Plan

  • Articulate business strategy, delivery, operational readiness, regulatory impacts, and fraud and risk controls
    • This will differ depending on strategy
  • Address areas of strategy, delivery, operations, compliance and risk in your communication

    • Communicate full plan to entire organization
    • Identify who is responsible at each stage

Ensure Communications Match Organizational Culture

  • When deciding to move forward with faster payments initiatives, resistance may be encountered. View this as an opportunity to illustrate the benefits of a faster payments initiative
  • One key to communication is addressing any cultural changes
  • Successful implementation may only be achieved with buy-in from all areas of the organization. An inclusive communications plan will ensure successful implementation of the new strategy

You may wish to consult existing sources pertaining to organizational culture. One example is Brightline Guiding Principles found at: https://hbr.org/sponsored/2017/10/deliver-a-strategy-that-works-by-managing-culture-and-communication

Identify Types of Education Needed for Internal Audiences

  • Education is not one size fits all
  • Types of education will need adjusting based on audience, subject matter expertise, essential job responsibilities and internal organizational structure
  • Education methods could include newsletters, in-person or distance training, and small group learning

Resources to Inform Strategy

  • Nacha
  • Payment Associations
  • Federal Reserve
  • The Clearing House
  • Other platform providers

Chart: Assessing Your Strategy

Questions to Address

Areas of Consideration

Objections/Questions

Benefit

Who is the potential user? Consumer? Business end user?

Security, KYC, customer due diligence, onboarding, fraud prevention, underwriting, user management and password recovery

Does solution work for all customers?
Do we need additional staff?

Solution will solve a problem for our customer/member

Authentication

Security, good funds, CX, directory and ubiquity

Does this solution integrate with our existing systems? How do we prevent fraud?

Reduces friction for end-user

Messaging and information with payment

Data management, messaging requirements, data management failures and/or failure of message

Do we need additional staff?
Will we need to work on weekends?

Consumers expect more information with payments
Businesses can leverage messaging for efficiency

Faster payments mechanism

System uptime, cost, encryption, legal compliance

Is there additional compliance requirements?
Is anyone else using this solution?

Faster payments in the U.S. are gaining adoption
Compliance needs are similar to today

Availability and settlement

Legal compliance, 24/7/365, liquidity

Why is this better? How does it work? Will this change our settlement process?

Reduce risk to financial institution; 
Tools are available

Consider What Similar-Sized Organizations Are Doing Or Have Done

  • Prepare talking points based on your research
  • Be prepared to supply substantiated data to address concerns
  • Understand the expectation of profit versus cost to implement
  • Remind your organization that faster payments could represent another service to meet customers’ needs and grow your business
Module IV How to Communicate Your Strategy