There are so many ways to send money – FASTER! Payments such as Same Day ACH (SDA), Real-Time Payments (RTP), Push-to-Debit, Wire Transfers, and the pending arrival of FedNow. This 60-minute session will identify the different types and help you recognize the benefits and drawbacks of each one and the basics of how they work (with some examples).
WHY SHOULD YOU ATTEND?
Real-time payments over the RTP network provide consumers and businesses with the ability to conveniently send payments directly from their accounts 24/7, and to receive and access funds sent to them over the RTP network immediately.
Push to Debit is an option out there as well, in near real-time—even on holidays, weekends, and outside of normal business hours—push funds from your business to a user’s bank account through the associated debit card.
Wire transfer is expensive but a means to send a payment fast with immediate settlement. Lastly, the Same Day ACH (SDA) functionality (on banking days) as another means to send money “faster” will be discussed, including the late-night ACH to provide payment details after banking hours.
AREA COVERED
- Define how Real-time payments work
- Identify what a Push to Debit payment is.
- Describe the wire transfer process
- Discover SDA (Same Day ACH) and its possibilities
- Outline the new FedNow product (coming soon)
WHO WILL BENEFIT?
- Bank operations staff
- New employees in the payments industry
- Bank managers and payment professionals
- CEOs and CFOs
- Risk, Compliance, and Audit personnel
- Aspiring AAPs and current AAPs for AAP CE Credits
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