FPC’s Operational Considerations for Receiving Instant Payments offers essential insights and best practices for financial institutions (FIs) as they navigate the complex landscape of instant payments. With contributions from industry experts, the guideline aims to help FIs enhance their operational readiness for real-time payments, including RTP and FedNow.
As instant payments continue to transform the payments ecosystem, financial institutions face unique challenges in adapting their systems and processes to this new real-time paradigm. The new guideline, developed by the FPC’s Operational Considerations Work Group, sponsored by Endava, dives deep into the practical considerations FIs must address to successfully implement instant payments, from liquidity management to fraud mitigation, business continuity, and staffing requirements.
This new guideline offers institutions a roadmap for achieving operational excellence in supporting real-time payments, ensuring they are equipped to handle the nuances of 24x7x365 operations, fraud prevention, and customer support.
Officials from FPC said that as the adoption of instant payments accelerates, it’s crucial for financial institutions to understand the operational challenges and opportunities they present. This guideline offers valuable direction to help financial institutions navigate the complexities of implementation and deliver on the promise of faster, more secure payments for their customers.
The FPC prioritises inclusion of diverse perspectives in tackling complex topics such as interoperability, identifying real-world solutions that can ease adoption of faster payments, managing security risks and fraud threats, addressing barriers to financial inclusion and cross-border payments, and more, as the organization paves the way toward a future of faster payments for all.
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