Making instant P2P payments a reality
Peer-to-peer payment services present a significant growth opportunity for financial institutions, with at least 44% of consumers using these services weekly. Before implementing faster payment solutions, banks should understand their customers' needs, educate them on the implications of using instant payments, and consider the impact on existing applications. Banks must work with vendors to support necessary updates and ensure their infrastructure can support real-time payment processing and future payment methods. Digital channels must be flexible to support ongoing innovation. With proper planning, community banks can capitalize on this game-changing capability and improve the customer experience.
Read the full article on Bai: