The U.S. Faster Payments Council (FPC) has announced the release of its latest publication, “Operational Considerations for Receiving Instant Payments.” This comprehensive guideline, developed by the FPC’s Operational Considerations Work Group and sponsored by Endava, provides crucial insights and best practices for financial institutions (FIs) navigating the complexities of instant payments like RTP® and FedNow®.
As the payments ecosystem evolves with real-time payments, FIs face challenges in adapting their systems and processes. This new guideline addresses practical considerations for implementing instant payments, including liquidity management, fraud mitigation, business continuity, and staffing requirements.
Miriam Sheril, Head of Product – US at Form3 and Chair of the Operational Considerations Work Group, highlighted the guideline’s value, stating, “This deliverable provides detailed solutions for FIs moving into instant payments, building on our previous primer.”
Tony Cook, Executive Vice President – Payment Operations at FirstBank and Vice Chair of the Work Group, emphasized the importance of understanding the operational differences between real-time payments and traditional ACH or wire transfers.
FPC Executive Director Reed Luhtanen noted, “This guideline offers valuable direction for FIs to tackle operational challenges and capitalize on the opportunities presented by instant payments.”
The Operational Considerations for Receiving Instant Payments guideline is now available for download from the FPC’s Faster Payments Knowledge Center.
