DATA
The contextual data surrounding a payment has been missing from every previous payment system. Immediate payments offer the ability to attach information about the payment that doesn’t detach throughout the process, which is helpful during payment processing and reconciliation.
REQUESTS
Unlike the other existing payments rails, immediate payments can facilitate a new request for payment (RfP), which allows a business or a consumer to send a request in the form of a message and provides the payor with the option to authorize or deny the payment. RfPs could be used in conjunction with bill pay or similar use cases.
SPEED
Payments are reduced from hours or minutes to seconds, which sets immediate payments apart from faster payments like Same Day ACH.
IMMEDIACY
Facilitate immediate authorization, immediate posting, and immediate clearing or settlement.
IRREVOCABLE
Immediate payments are irreversible, enabling immediate final settlement to the payee.
GRATIFICATION
Satisfy the growing member demand for instant access to funds and more convenient electronic payment options, thereby enhancing member satisfaction.
PERFORMANCE
Credit unions improve business performance, enhance operational efficiencies, and reduce the risk of fraud by conforming to ISO 20022, which enables credit unions to send rich data sets with each transaction.
TRANSPARENCY
Give your members greater visibility into their financial situations, reducing the risk of overdraft fees and similar penalties.
SECURITY
Payment security is increased by enabling bi-directional communication within a secure system.
OPPORTUNITY
Attract and retain customers by offering competitive immediate payment services.
GROWTH
Immediate payments offer credit unions the potential to grow revenue (e.g., transaction fees, fees for new service or product offerings).
ECONOMICAL
Reduce costs through the increased efficiency and automation that immediate payments allow.
POWER
Organizations are empowered to optimize existing service offerings, service new markets, and open new revenue streams.