BOSTON (PRWEB) August 27, 2020
The advent of faster and real time payments (“RTP”) brings the first new payment rails in decades to the United States. Other countries around the world have adopted RTP as a single, government-offered and mandated solution. In the U.S., there is a full continuum of options including same day ACH, debit network push payments, person-to-person networks, The Clearing House RTP solution and the plans for FedNow in 2023 or 2024 from the Federal Reserve Bank.
While having an array of choices can spur innovation, it also creates much complexity. Unguided, it can be a daunting exercise to understand the benefits of the options, then determine which ones are a good fit for the unique needs of your financial institution, as well as the relative urgency of offering these payment types.
Mercator Advisory Group assists financial institutions to better understand the market so product and business leads can successfully gain internal support to launch the most effective solutions. After developing an understanding of your particular institution’s client base, competitive market and infrastructure, a road map will be created to help guide the introduction of products that are most important, the relative timing of product launches and the areas within the bank or credit union that will be impacted. Those who wish to have further analysis will receive guidance on the institution’s readiness for faster payments, alternative implementation approaches, the costs associated with engaging third-party service providers for integration tasks and identification of the ROI opportunities.
Benefits of this program:
- Gain an unbiased background/education about faster and real-time payments that will help to support institutional buy-in
- Understand competitive needs that exist within your client base that will highlight the use cases to support
- Attain insights into timing needed to adopt solutions to meet client needs
- Define the ROI potential (optional in stage two)
- Benefit from a review of technical integration support partners (optional in stage two)
Deliverables of the program:
- Reference guide and materials to understand the faster and real time payments market
- Road map to help guide deployment sequence
- Documented check list of internal systems that will be impacted and project participants needed for a successful project launch
- Costs and benefits outline of launch timing (optional phase 2)
- Model of revenue and expense estimates to guide development (optional phase 2)
For more information, please call Mercator Advisory Group's main line: +1 (781) 419-1700, send e-mail to firstname.lastname@example.org.
For free industry news, opinions, research, company information and more visit us at http://www.PaymentsJournal.com.
Follow us on Twitter @ http://twitter.com/MercatorAdvisor.
About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.