mainstream, but we’re not seeing the faster fraud because there’s less time for fraud to be introduced into a payment. What advice do you have for community banks that have already started to implement a faster payment method? It’s just getting everyone from every part of the organization thinking about, “OK, what’s next? What else can we do to better serve our customers?” Continually seek additional use cases that will make sense because solutions will come to market that will support new use cases we have not even thought of yet. Just keep learning, keep talking to your partners, and there will be even more opportunities as time goes by. Certainly, talk to your customers about what friction and what problems can be solved with faster payments. What do you recommend for community banks that haven’t chosen a faster payment method? I would say take a big, deep breath — there’s plenty of time. We truly are still in the infancy as it relates to deploying a solution. However, if you are not yet spending time learning about faster payments, then you’re getting a little behind. If you have not started to build a payment strategy around this, it’s very critical that you start doing that sooner rather than later. Moreover, there’s value in keeping your contracts with core providers and fintechs short because things are going to change dramatically in the next two to three years, and you want to be able to adapt to those things. Whenever or however a community bank decides to participate in faster payments, there are many resources available. The Federal Reserve will launch a tech-centric developer resource for participating financial institutions to access documentation, such as the recently updated operating procedures, technical specifications, as well as code and message samples to assist with service implementation. There are also correspondent banks available to help, some of which were even involved in the FedNow Pilot Program. To read more and learn about how the task force worked through the development process and how the U.S. may solve the national directory and interoperability issue, as well as specific faster payment use cases that community banks should consider, check out the white paper under the industry insights section of our website. To continue this discussion or for more information, please contact Matt Helsing. Dedicated to serving the needs of community banks, PCBB’s comprehensive and robust set of solutions includes cash management services such as Settlement and Liquidity for the FedNow Service, international services, lending solutions and risk management advisory services. Matt Helsing SVP & Northwest Regional Manager for PCBB pcbb.com | mhelsing@pcbb.com INDEPENDENT REPORT | 23
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