Payments Innovation AllianceUS Faster Payments Council

How to Develop Your Internal Education Plan

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

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:
  • Credit Management
  • Legal
  • IT
  • Sales
  • Product Manager

Level–Setting for Internal Audiences

  • Provide general or foundational information to all internal stakeholders
  • 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
  • Consider specific use cases that are unique to your organization

Targeted Internal Audiences

  • 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
  • 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
  • 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

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