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8 Ways to Meet the Demand for Faster Payments

A PSCU-sponsored Javelin Strategy & Research white paper offers timely payments strategy advice for credit unions.

P2P graph New white paper recommends all credit unions offer P2P on their mobile app.

The COVID-19 pandemic has led more consumers to demand faster payments, and credit unions must begin strategizing to meet this demand, according to a new white paper, “Fast Access, Fast Payments,” which was produced independently by Javelin Strategy & Research and sponsored by the St. Petersburg, Fla.-based payments CUSO PSCU.

With fewer in-person banking transactions taking place, and financially-struggling consumers having to pay bills on their due dates as well as access government fund disbursements immediately, speed is more necessary than ever when it comes to making money available for use. In this new environment, credit unions will need to deploy faster payments in a phased approach, focusing on what will provide the highest impact, the white paper stated. “Without expedited implementation of payment strategies that are now considered table stakes, credit unions will be forced to make difficult decisions as the economic fallout continues.”

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Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.

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