Instant Payments – Use Cases
Consumer appetite for instant payment options continues to grow. According to an article by the Federal Reserve, 83% of businesses and 75% of consumers are already using some form of faster payment.
These high adoption rates are indicative that there are many types of use cases for instant payments. When you’re considering implementing an instant payment option, look to use cases as a resource for understanding whether instant payments could be beneficial to offer to consumer and commercial customers at your bank.
Consider the following when you’re reviewing use cases and developing your strategy for instant payments.
- What is my market – consumer, commercial or both?
- Do I set myself apart in the market?
- By adopting instant payments, are there ways I could differentiate our products for use case scenarios?
- What are my current technology solutions?
- Do my technology solutions allow me to meet the use cases I want to adopt?
- Will I need to partner with other technologies to differentiate my institution to meet needs?
- Can I find a return for the investment it will take?
- How can I stay relevant by differentiating my bank as the market evolves?
BBOK is here to help when you’re deciding on an instant payment strategy! We’ll cover use cases in this newsletter for consumer and commercial customers over the next several months. We also invite you to join us and your peers for an open discussion during one of our virtual roundtables – registration is open for our next roundtable on July 30th! Prefer to have a one-on-one conversation about instant payment options? We’re happy to meet with you directly too.
Do you have questions on instant payments and the FedNow Service or ready for implementation assistance? Fill out the form below and a member of our team will follow up with you!