In today's fast-paced digital economy, speed is no longer a luxury—it’s an expectation. According to the latest Federal Reserve Payments Study, “The allure of speed plays a role in changing use patterns for all kinds of payment methods, familiar and new. Automated clearing house (ACH) transactions and person-to-person (P2P) payments via depository institution websites are two payment types for which recent growth rates show the importance of speed.”

 The experience of making a quick payment can vary depending on both the payment service (e.g., Zelle, Cash App, Venmo, PayPal) and the underlying payment rail (e.g., Same Day ACH, RTP, FedNow, Visa Direct). Together, these payment-related innovations are transforming the financial services landscape by providing faster transaction capabilities that meet the demands of modern consumers and businesses. For financial institutions, embracing faster payments is not just about staying competitive; it’s essential for remaining relevant by offering the services customers need. 

The adoption of instant payments introduces significant operational shifts for financial institutions. These include requirements for 24/7/365 processing, real-time fraud detection, liquidity management and core system integration. Such changes necessitate not only new technology but also updated governance policies, workflows, risk frameworks and customer service models. 

Many legacy systems, such as core and fraud monitoring, were not built with faster payment mechanisms in mind. Although financial institutions are working to update their systems, they may not have the infrastructure in place to be set up for success. Without a clear strategy and expert guidance, financial institutions risk facing inefficiencies in risk management, compliance issues and missed opportunities. 

The cost of not implementing faster payments correctly may be just as high as not implementing them at all.

This is why consulting support is crucial.

Why Partner with Nacha Consulting?

Navigating the complexities of faster payments requires deep expertise, which is precisely what Nacha Consulting provides. Our team has practical experience working with banks and credit unions through the operational readiness aspects of faster payments including establishing operational frameworks and providing custom training on supporting new and emerging rails. In addition, we are also actively involved in faster payments industry initiatives such as those related to Nacha’s Payments Innovation Alliance and the Faster Payments Council.

We are proud to have two members from the inaugural class of Accredited Faster Payments Professionals (AFPPs) on the Nacha Consulting team. This prestigious credential highlights Nacha Consulting’s commitment to excellence and our comprehensive understanding of the faster payments ecosystem. It also demonstrates our expertise in this space, which is necessary to be successful with faster payment solutions and strategy.

Whether you’re just starting your journey with faster payments or looking to optimize and implement your existing strategy, Nacha Consulting offers the insights, training and guidance you need to succeed. 

Are you ready to move at the speed of now? We can provide you with a free, 15-minute, no-obligation consultation. 

Let Nacha Consulting guide your institution into the future of payments.