CUES 162: Exciting Times Ahead With Instant Payments

In this episode of the CUES podcast we talk about payment trends and strategies with guest Tede Forman, president of payment solutions at CUES Supplier member Jack Henry. He leads the company’s strategy and solutions for payments and spoke about why Jack Henry actively participated with the Federal Reserve to help develop its real-time payments network, FedNow.

“We wanted to offer this opportunity to all of our community financial institutions (and) specifically credit unions right from the start to give them the horsepower to drive innovation,” Forman says. “We also saw this as the foundation for meeting current needs, but also building future payment solutions.

“There's going to be a lot of innovation and transformation with instant payments, from P2P to business. … (We knew) getting in on the front end would help the credit union understand the operational processes and also (help) think through use cases that could be leveraged in the credit union space with instant payments.

“Probably around 30-33% of all the FIs that are live on the FedNow rail are actually a Jack Henry client,” he adds.

In the show Forman also discusses:

•  the most common questions about FedNow;
• common risks or barriers that make credit unions hesitant to implement instant payments;
• data about the use of and demand for instant payments;
• how instant payments can help credit union members improve their financial health;
• a vision for the future of instant payments;
• and much more.

Links for this show:

• Transcript
• Email Tede Forman
• Jack Henry: Payments Trends and Strategies
• The Faster Payments Council’s Operational Considerations for Instant Payments Receive-Side Primer