Independent Banker - July 2023 - 21

Adding Customer Services
and Increasing Non-Interest
Income Should Be Easy.
" It's easy to mistake instant
wallet transfers for instant
bank transfer payments, but
they are very different. "
-NICK DENNING, ICBA BANCARD
Lincoln Financial
Network can help.
website to help community banks
identify potential partners.
3. FedNow has the potential
to support a wide variety of
transactions.
While payments apps like Venmo and
Zelle are expanding their scopes into
more than P2P payments, they still
don't offer the full range of instant
payments functionality a payments
rail provides.
Consider possible FedNow use
cases like early wage access, payroll,
disbursements, bill pay, accountto-account
transfers, real estate
settlements and so much more. The
instant payments rail opens up a
wide variety of potential development
opportunities for strengthening the
payments landscape.
" When you think about FedNow
and implementing FedNow, think
broader than just this P2P use
case, " advises Denning. " When you
implement and start receiving, you'll
be receiving other use cases.
" Your customers are going to
be receiving money from payroll
companies, large insurance
companies, the government, you
name it. That all provides value
beyond P2P use cases.
" Similarly, on the send side, how
can you help your small businesses
with being able to send payments
beyond P2P? " he adds. " There's a lot
of value in thinking beyond just that
first use case that comes to mind. "
Exploring the FedNow opportunity
With the system up and running
this month, now's the time for
community banks to think about
getting serious about when and how
to leverage FedNow, if you haven't
already. Speaking with a solution
provider and/or a Federal Reserve
representative can go a long way
toward starting that journey.
In addition, to help community
banks speak with their customers
about FedNow and its differences
from money movement apps, ICBA
created FAQs and a toolkit that are
available to members on its website.
ICBA Bancard has also developed
a FedNow Launch Webinar Series
to provide greater line of sight into
functionality and implementation.
Education on the full FedNow
opportunity is key, because no matter
how banks look at today's faster
payments landscape, they should seek
to tie their approach to their overall
business objectives.
" Part of your strategic plan is your
strategic payments plan, " Mitchum
says. " FedNow is a new tool, and how
you use it will enable a lot of options
to get to your payment goals. "
Colleen Morrison is a writer
in Maryland.
Lincoln Financial Network specializes in
partnering with you to increase your
bottom line while helping your customer
community with key services that you
might not currently offer:
 Business Planning - Business
Succession, Key-Person, Exit Planning
 Retirement Planning - including
MEAP, private labeled 401(k)
 Estate Planning Strategies
 Insurance Planning
 Wealth Management
Our Serve First, Last and AlwaysSM
philosophy is a critical element to our
partnership approach. A partnership
begins with you and your customers.
We work to understand your business
model, your growth goals and your
customer service standards and
collaborate to offer financial solutions
that fit your approach and help you and
your customers meet financial objectives.
Let Lincoln Financial Network
be your Partner of Choice.
Your customers will thank
you. To learn more email:
StrategicAlliance@lfg.com
Lincoln Financial Network is the marketing name for the
retail and financial planning affiliates of Lincoln Financial
Group and includes Lincoln Financial Securities Corporation
and Lincoln Financial Advisors, broker/dealers, registered
investment advisors and members of FINRA and SIPC.
Lincoln Financial Group is the marketing name for Lincoln
National Corporation and its affiliates. Insurance offered
through Lincoln affiliates and other fine companies.
CRN-5726038-060723
Independent Banker - July 2023

Table of Contents for the Digital Edition of Independent Banker - July 2023
