Instant payments are coming. Will you be ready?
Instant payments are becoming a reality, driven in large part by consumers’ and business’ desire for payments that settle in seconds. FedNow, the Federal Reserves’ real-time payments solution, is in pilot today and scheduled for release in 2023. Financial institutions must use FedNow within seven years.
For financial institutions, the benefits of instant payments include the ability to offer new revenue generating mobile and online P2P payment options, improve customer satisfaction and retention, reduce costs and risks, and minimize the volume of payments traveling through closed-loop payments systems that disintermediate banks.
Preparing for instant payments through FedNow means addressing technology, operational, compliance, and organizational readiness. To evaluate where you are today and where you need to be, download this white paper and get ready to take advantage of the benefits of instant payments.
Our latest news
03/11/2024
IPPON TECHNOLOGIES ACHIEVES PREMIER TIER PARTNER STATUS WITH SNOWFLAKE
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01/10/2024
Top 10 US bank
Automation of SCRA benefits for Top 10 bank saving an estimated $600k OPEX
The process for Servicemembers Civil Relief Act (SCRA) required agents to manually verify service members are eligible to statutory benefits and then send out letters informing them if they were eligible or not. That process created an inefficient experience for service members and customer service agents. Service members would receive little communication about the status of their application until after they had been applied or denied. The new solution automated the heaviest work process for agents, reducing the time spent by agents working on cases and accelerating the time that clients receive notifications and credits by 50%.
09/11/2023
Top 10 U.S. Bank
Migrating Thousands of Contact Center Agents off 15+-Year-Old Legacy Platform in 18 Months.
A revolving Ippon client and Top 10 U.S. Bank engaged Ippon to accelerate the migration off of a 15+-year-old legacy platform supporting thousands of contact center agents. An extended contract and teams-in-a-box approach was applied at a ratio of 4-to-1, supplementing in-house engineering. The teams iteratively delivered over 12 months on an MVP alongside 12 trailblazer agents. Over the subsequent eight weeks, 100% of the remaining 1,500 collections agents moved to the new platform with little disruption or incident.
