Independent Banker - November 2022 - 90

CONNECTIONS INNOVATION CONVERSATIONS
because this evolution doesn't
happen overnight. "
This newfound sense of urgency
stems from growing customer
needs, says Nick Denning, ICBA
Bancard senior vice president
David Long
of payments industry relations.
" The Fed and others in industry
have released compelling research
demonstrating demand and current
expectations, and they are projected
to increase signifi cantly over the
next few years, " he says. " Customers
will start shopping for instant
payments providers if their needs
aren't being met, so the time to act
is now. "
Nick Denning
Preparing for FedNow
Instant payments is increasingly becoming an expectation for
consumers, making preparations for FedNow an even higher priority.
ICBA Bancard and a FedNow pilot participant discuss the coming
future of payments. By Colleen Morrison
Increased competition means
that instant payments are
becoming more mainstream.
Nick Denning: In today's Great
Resignation economy, " Now hiring "
signs are starting to say, " Hiring-
work today, get paid today. " How
much of a diff erentiator is that
going to be for the employer if
they can support real-time earned
wage access? And how much of a
diff erentiator is that going to be
for banks if they can support both
solutions for their businesses and
for the prospective employees?
David Long: That's true, and if you
want to fi nd out if your customers
are looking for immediate
payments, just walk over to your
drive-thru window or teller line and
ask, " Do you or your children have a
Venmo or PayPal account? " I would
say nine out of 10 will say, " Yes. "
There's your study of why we need
to be in the game.
edNow will be ready to go live in
mid-2023, which means that the
time for detailed project plans has
arrived for community banks.
" It takes preparation to have proper
processes and procedures in place,
to ensure systems are compatible,
F
marketing is ready and more, " says
David Long, executive vice president
of correspondent banking at Bryant
Bank, a $2.6 billion-asset community
bank in Tuscaloosa, Ala., and a
FedNow pilot participant. " Now's
the time to look at those things,
90 Q ICBA Independent Banker Q November 2022
The FedNow pilot has helped to
prepare the system to address
diverse use cases.
Denning: It's important to note
how early on the Fed brought
in the pilot participants; this is

Independent Banker - November 2022

Table of Contents for the Digital Edition of Independent Banker - November 2022

Table of Contents
Independent Banker - November 2022 - Intro
Independent Banker - November 2022 - Cover1
Independent Banker - November 2022 - Cover2
Independent Banker - November 2022 - Table of Contents
Independent Banker - November 2022 - 2
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