Morris. “NAFCU has a FedNow resource page [www.nafcu.org/fednow-resources] that includes webinars, articles and tools that credit unions can use,” he said. The next step is to determine if the organization has the operational bandwidth to implement, monitor and manage the service. Credit unions should evaluate all operational and technical aspects associated with offering the service to members, whether through online portals or mobile interfaces, he said. “Talk to credit unions members to see if introduction of an instant payment service makes sense,” said Morris. Even if members are not interested now, continue learning and evaluating their payment needs. “While members may not demand the service now, consumer expectations change over time, and demand may grow,” he said. “In other countries, where real-time, instant payments have been around for a while, studies have shown that these payments have been gaining market share.” “ The benefits of an instant payment service depend on the credit union’s vision and how it fits into the overall strategy for payment services. Some businesses operated by or used by members can benefit from instant payments and some consumers may like the increased control over funds going in and out of their accounts, but other credit union members may be satisfied with existing electronic payment options. ” ANDREW MORRIS, SENIOR COUNSEL FOR RESEARCH AND POLICY, NAFCU 21 THE NAFCU JOURNAL November–December 2023
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