8 Ways to Meet the Demand for Faster Payments

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.”