Payment Platforms

The paper suggests credit unions cannot wait for an operational FedNow payment system and should take action now.

"Consumers and businesses globally are demanding faster payments, and more countries and financial institutions are hearing the call ..."

A dire warning: "Channels that once made the banks billions of dollars will cease to exist."

"The pace of change in the payments ecosystem continues to be relentless."

The study also reveals the reasons why check use continues to stay afloat.

The percentage of customers opting for digital wallets is twice what it was two years ago.