Your correspondent or FRB Settlement of payment activity is what a correspondent like BBW can do for you on either network. Much as you have done for wires, ACH, cash letters, and other services, you can set up your instant payment settlement to settle in your BBW account. If you choose to send payments, we can provide liquidity 24/7/365 to ensure your customer payments continue to flow. Your payment application providers Apart from your core system and settlement agent (correspondent), you may have various payment applications your customers are using. These make up another set of providers you might need to spend time with, depending on your infrastructure. Here is one that comes to mind: Mobile banking (applications used for end users) • What have they done to prepare connections to the faster payment networks? Talk through the potential use cases needed for your customer base. Other vendors to reach out to include your online banking and P2P providers. About BBW Bankers’ Bank of the West has been involved with the Faster Payments initiative since 2018 through the Faster Payments Task force, the Secure Payments Task force, the FedNow reconciliation group, and the FedNow Pilot. They believe that community banks must not be left behind in the instant payment shift. BBW can partner with you for 24/7/365 settlement and liquidity management similar to the way they currently help community banks in the management of their Fed master settlement transactions. As you read more about use cases, you will understand the distinct advantages of participating in the new payment rail. They can help guide you in the role you choose for your bank, whether you decide to settle with them or not. Scan the QR code to learn about the FedNow Service. https://www.frbservices.org/ financial-services/fednow/ instant-payments-education Scan the QR code to learn about the RTP network. https://www.theclearinghouse.org/ payment-systems/rtp/institution (801) 683-0748 info@bmabankingsystems.com END-TO-END CORE CONVERSION BMA provides customized Core Conversion solutions to fit your bank's needs. Our new core operating system will transform your ability to be more competitive with current technology. The consistency presented by our core will offer you customized products, enhancements, and services to meet the unique needs of your clients. "Best of Class" Customer Service and Custom Pricing Safe and Secure Cloud based Solutions Extensive Fintech API Integration Solutions Consistent Expanding Solutions such as, IT as a Service, Teller Capture, and Auto Account Opening BMA’s Hit your target market Get more exposure • Increase revenue To advertise in this magazine, contact us today. 801.676.9722 | 855.747.4003 thenewslinkgroup.org sales@thenewslinkgroup.com
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