Life is full of intersecting points. The payments industry is no different, and we’re quickly approaching a new intersection point due to the Real-time Payments’ movement into the US.
These days, as the US prepares to embrace real-time payments in 2023, the intersection of real-time payments and automation has become a key point of discussion. Perficient is looking forward to joining this conversation with other financial services and payments experts at the upcoming Bank Automation Summit in Charlotte, North Carolina on March 2-3.
During the Summit, we’ll seek to socialize and discuss how the adoption of real-time payments services like FedNow and RTP in the US will bring a new dimension of change for banks, fintechs, retailers, large corporations, and other stakeholders.
This change will force impacted stakeholders to reconsider their services, products, and operational procedures, thus generating new opportunities for automation. Among the automated services impacted, we may find authorization services, posting and reconciliation processes, settlement timelines, and even notifications and reporting – just to name a few.
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Because real-time payments run on the ISO 20022 data standard, a revision or remapping of existing automation schemes to accommodate the new data standard may be required. Workflow timings may now be altered due to the immediacy of transactions, which can have a domino effect on operational, risk management, and reporting teams.
With all this considered, key strategic topics like buy vs. build, risk, and operational readiness cannot be ignored. Ultimately, change equals risk. Many stakeholders should explore the real-time payments and automation conversation with a risk-driven mentality. One place to start is ensuring your technology is ready and adequate to take on this new opportunity. Our Payments team at Perficient has developed a Technical Readiness Assessment for ISO 20022 to support all those looking to prepare.
While the migration to real-time payments in the US will be optional at first, this initial adoption period represents a great opportunity to experiment, innovate, and get ahead of the competition. The market demand is real and fueled by the younger consumer generations; online publication pymnts.com explains that “Consumers — especially those who are younger or financially challenged — clearly have a high level of interest in the ability to use real-time payments, and a significant share is willing to pay or switch FIs for this option.”
Perficient is well-positioned to support real-time payments. We bring payments and automation expertise and have extensive experience in creating cohesive and pragmatic strategies to help our clients and partners.
No matter where you are in your bank’s automation journey, we can help you strategize and execute cutting-edge experiences.
Interested in learning more? Contact one of our financial services industry and automation experts here, or connect with us at the Bank Automation Summit coming up in Charlotte, North Carolina on March 2, 2023.