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.
One of the silver linings of the pandemic era we’ve been through is the sheer number of innovative ideas and new businesses that have sprung up! Ippon was recently asked to do a two-week discovery for one such company that had launched a proof-of-concept (POC) for a new application that had established demand but needed help on the next steps.Read more
The journey to our modern day payments landscape is surprisingly linear. There are a number of different innovations that have all brought us to the current environment. These new technologies are improving the speed, safety, and settlement of payments. The forefront of all of these is in the ACH space where new services like Same Day ACH and FedNow are starting to make moving money from one account to another within the same day possible.Read more
Our client manages the end-to-end lifecycle for visa applications on behalf of governments across the world. Ippon was brought in to modernize the visa application platform to enable scaling for US federal government use. Ippon adapted the application to make it run within AWS GovCloud and be authorized to receive an Authority To Operate (ATO) from the US federal government. Without these changes, the application would not be usable by what would end up being the largest potential customer for our client: the US State Department.Read more