All posts by Ruhsora Magruf

Marketing Manager Ruhsora manages the marketing department and is responsible for execution of Alacriti's corporate marketing strategy. Ruhsora is a graduate of Rutgers University.
White Papers

Unlocking the Growth Potential: The ROI of Real-Time Payments

Real-time payments (RTP) have experienced exceptional growth in recent years. The RTP market size was valued at 17.57 billion in 2022 and is expected to grow at a
compound annual growth rate (CAGR) of 35.5% from 2023 to 2030. As businesses and consumers increasingly adopt this digital payment method, it is crucial to
understand the return on investment (ROI) associated with real-time payments. While quantifying the monetary ROI of RTP can be challenging, industry experts
emphasize the value of competitive advantage, innovation, and meeting customer demands. This article explores the ROI of real-time payments and unveils the growth
potential it offers.

Cost Comparison: Real-Time Payments vs. Traditional Methods

Contrary to popular belief, real-time payments do not cost more for businesses
and consumers when compared to non-instant electronic payments. A 2019 report indicates that the average cost of real-time payments amounts to approximately
$1.95 for 10 transactions per capita. In comparison, traditional check-based
transactions incur a cost of around $2.79 for the same number of transactions. This
data demonstrates the cost-effectiveness of real-time payments, positioning them as
a favorable option for businesses and consumers alike.

Decrease in Net Payment System Costs

Implementing real-time payments can lead to a decrease in net payment system
costs over five-years. By replacing outdated payment methods with instant
electronic payments, businesses can streamline their payment processes, reduce
manual intervention, and eliminate the inefficiencies that stem from waiting periods.
Consequently, this not only reduces costs (for example, staff time to check on
whether a payment has been posted, the cost of waiting for supply until funds have
transferred, etc.) but also frees up valuable resources that can be allocated to more
strategic initiatives.

According to Deloitte’s “Economic Impact of Instant Payments” report, real-time
payments have the potential to deliver significant cost savings in net payment
system costs. The report emphasizes that the adoption of RTP can lead to substantial
reductions in costs by further displacing expensive check usage, particularly in
high-income countries. However, it also notes that in developing nations with low
check usage but significant cash transactions, there may initially be a net increase
in payment system costs. The analysis highlights the influence of factors such as
the cost of payment instruments, population size, and economies of scale on the
cost savings achieved through RTP. As countries transition away from cash and RTP
increasingly replaces cash transactions, the report suggests that the savings in net
payment system costs related to cash will rise progressively over time.

Driving Revenue Growth Through Real-Time
Payments

Real-time payments present businesses with opportunities to generate new revenue
streams and enhance existing ones. Here are a few ways in which RTP contributes to
revenue growth:

  • Automated End-to-End Solutions: Real-time payments enable businesses
    to offer automated, end-to-end solutions triggered by different touchpoints.
    For example, loans can be delivered in seconds, offering a faster and more
    cost-effective alternative to traditional lending methods. This not only attracts
    customers, but also opens up revenue streams associated with smallervalue loans.
    Example: Financial institutions can use geolocation to send a text message
    to customers at dealerships saying, “Are you car shopping? Click here for an
    instant quote.”
  • Improved Client Experience: Real-time payments enhance the overall client
    experience, leading to higher customer retention rates. In a recent Federal
    Reserve Consumer Survey, 70% of respondents stated that having access to
    enhanced faster payment capabilities is an important satisfaction driver.The
    ability to provide instant, seamless transactions builds trust and satisfaction
    among customers, increasing the likelihood of repeat business and referrals.
    Example: The competitive advantage is often for financial institutions that can
    decision and deliver funds quickly. Financial institutions can charge for turn-key
    loan applications and execution.
  • Real-Time Data and Cash Forecasting: Real-time payments provide businesses
    with access to real-time data, allowing for better cash forecasting and financial
    decision-making. This valuable information enables businesses to identify
    opportunities, optimize cash flow, and make strategic investments, leading to
    improved revenue streams.
    The subset of use cases for B2B payments is massive as they are traditionally
    fee-based. Financial institutions can set a price point per transaction or bundle
    transactions into a tiered service model.
  • Enhanced Process Efficiency: The automation of processes facilitated by realtime payments results in better end-to-end margins. By streamlining operations
    and reducing manual intervention, businesses can increase efficiency, reduce
    costs, and improve overall revenue.
    Example: For high-value payments, Request for Payment (RfP) enables billers to
    send a one-off bill or invoice that can help accelerate their accounts receivable
    cycle. The message is delivered securely through the RTP network. The convenience
    fees for this are another potential revenue stream.

Real-Time P2P Payments Are Expected to Grow

It’s quite evident that there is a demand for faster payments. There are Zelle users
coming from virtually every financial institution in the U.S., even if the institution
does not offer it. In 2022, transactions through the Zelle network grew 26% yearover-year, totaling 629 billion, and the total transaction value increased by 28% yearover-year. In addition, P2P payments overall have been growing and are projected
to grow even more in the coming years, making real-time an even more important
feature to offer.

US Mobile Peer-to-Peer (P2P) Payment Transaction Value and Users

In addition, The Clearing House (TCH) has metrics that demonstrate that instant
payments are growing significantly.

RTP® network Continues To Grow in Volume and Reach

The Federal Reserve has also presented survey information that indicates demand for
real-time payments, making a clear case for the importance of real-time payments for
accountholder retention.

In Conclusion

While quantifying the exact monetary ROI of real-time payments may be challenging,
the growth potential and benefits they offer cannot be ignored. Real-time payments
provide cost-effective alternatives to traditional payment methods, and they also
drive competitive advantage, foster innovation, and meet evolving customer demands.

Businesses that embrace real-time payments can unlock new revenue streams,
improve client experience, and streamline their operations, leading to enhanced
profitability and long-term growth. As the adoption of real-time payments continues
to surge, organizations must recognize the importance of this transformative
payment method and capitalize on the multitude of benefits it brings.

Alacriti’s centralized payments hub provides innovation opportunities and the ability for
customers to make smart routing decisions at the financial institution to meet their individual
needs. Financial institutions can unify payment processing all in one cloud-based platform—
ACH, the Fedwire Funds Service, TCH RTP® network, Visa Direct, and soon, the FedNowSM
Service. To speak with an Alacriti payments expert, please contact us at (908) 791-2916 or info@alacriti.com

In the News, newsroom

Alacriti Among the First to be FedNow Certified and Live

Has Multiple Financial Institutions Sending and Receiving Transactions

Alacriti, a fintech company specializing in payments, announced today that it is among the first companies in the industry to complete FedNow® Service certification and have banks and credit unions utilizing its payments hub to run live transactions on the FedNow Service. The FedNow Service is a new real-time payment rail offered by The Federal Reserve Banks to facilitate nationwide reach of instant payment services by financial institutions. Alacriti’s payments hub solution is core-independent and enables financial institutions to easily make real-time transactions over the FedNow Service network.

“Alacriti has worked very hard to be among the first fintechs to be certified with the FedNow Service, providing ISO 20022 compliance and always-on service. In addition, we participated in the Fed’s pilot program, ensuring that we were more than ready for the live launch. We are pleased to announce that trusted financial institutions such as Veridian Credit Union, First Internet Bank, Avidia Bank, and Consumers Credit Union have chosen us to connect them to the newest real-time payment rail, and they are live on the newly announced service” said Mark Majeske, SVP of Faster Payments at Alacriti.

“Payment systems are evolving and improving at an exciting pace,” said Kelly Mangrich, VP of Payment Systems at Veridian Credit Union. “Our partnership with Alacriti has allowed us to be an industry leader and among the first to offer secure, instant payments on FedNow. We’re grateful for the benefits this partnership is giving to our members.”

“For the thousands of small businesses we serve coast-to-coast, and the innovative fintech partners we support, First Internet Bank is committed to delivering leading-edge solutions,” noted Nicole Lorch, President and Chief Operating Officer of First Internet Bank. “Our partnership with Alacriti for real-time payments enables us to help our customers improve their cash flow control and certainty.”

Alacriti’s centralized payment platform, Orbipay Payments Hub, provides innovation opportunities and the ability to make smart routing decisions at the financial institution to meet their individual needs. Financial institutions can take full ownership of their payments and control their evolution with ACH, Wire, TCH’s RTP® network, Visa Direct, and the FedNow Service, all on one cloud-based platform.

To support transaction activities for financial institutions participating in the FedNow Service, Alacriti completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.

About Alacriti

Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform dedicated to helping clients accelerate their digital transformation. Built on a flexible, cloud-native framework, Alacriti’s array of solutions allows clients to deliver the money movement experiences and payments innovation that today’s users demand while seamlessly integrating with their internal infrastructures.

In the News, newsroom

FedNow Service Launch: A Message From Our CEO

Alacriti CEO, Manish Gurukula, would like to extend his warmest congratulations to the Federal Reserve on the launch of the FedNow® Service. He would also like to congratulate Alacriti customers for being the first to send and receive live transactions using the FedNow Service. Watch the video for the entire message.

To learn more about the FedNow Service and how Alacriti can help connect your financial institution to the FedNow Service, contact us today or visit our FedNow Service page.

Webinar

The FedNow Service is Coming: Is Your Credit Union Ready?

 

Many credit unions have been waiting on the FedNowSM Service to launch to adopt real-time payments. However, is your credit union truly ready to connect?

Watch this Credit Union Times hosted webinar where Dan Gonzalez, VP Customer Relations at Federal Reserve Financial Services, and Mark Majeske, Senior VP Faster Payments at Alacriti, discuss:

  • What the FedNow Service is and how it will work
  • The ROI of real-time payments
  • What credit unions should know about connecting
  • Recommendations from the Federal Reserve about how to move forward
  • Lessons learned from financial institutions who have been in the pilot program

White Papers

Repositioning Bill Pay at the Center of the Credit Union Digital Experience

The digital experience is crucial for credit unions to stay competitive and relevant in today’s market. While consumers are doing more of their bill payments online, credit union websites and mobile apps are falling behind biller sites in facilitating these payments. Digital experiences are being shaped by other industries, resulting
in pressure being put on financial institutions to build relevant banking and payment experiences.

In a Credit Union Times hosted webinar, David Albertazzi, Director, Retail Banking & Payments Practice at Aite-Novarica Group, and Matt Rhodes, Senior Account Executive at Alacriti discussed the importance of understanding consumer behaviors and meeting their needs through digital channels.

In the News, newsroom

Loan Payment Fintech Alacriti Joins Co-op Solutions’ Strategic Provider Program

Alacriti’s Orbipay Platform Streamlines Digital Loan Payment Services for Credit Union Members

Co-op Solutions is partnering with fintech company Alacriti to help credit unions deliver modern, intuitive loan payment services to their members.

Alacriti joins a growing list of credit union fintech providers in the recently launched Co-op Strategic Provider Program. The program streamlines a credit union’s procurement process by offering access to pre-vetted, best-in-class products and services outside of Co-op’s core solutions, all at preferred cooperative terms.

Through its core-agnostic, cloud-native platform Orbipay, Alacriti facilitates one-time and recurring loan payments through digital channels, including online/web, text message, chatbot and more. Orbipay supports virtually all payment methods (most commonly debit cards and ACH), as well as all loan types. Credit union members engage with the platform through a responsive user interface that can be branded for each credit union client.

“Co-op’s partnership with Alacriti advances our strategic intent to deliver the innovative digital payment experiences today’s members demand,” said Dean Michaels, Chief Strategy Officer for Co-op. “The Orbipay platform transforms what used to be a manual process and automates it, making it mobile-friendly. We have been impressed with Alacriti’s command of the tech-stack challenges facing credit unions. Their pre-built connectors and data integrations with major core and digital banking providers vastly accelerate client onboarding. Alacriti also worked with us to create an attractive pricing offer exclusively available to Co-op clients that should appeal to credit unions who already accept cards today as well as those who don’t.”

Orbipay Enhances Credit Union Member Self-Service Capabilities

Credit unions that integrate the Orbipay platform add greater member self-service capabilities to their offerings. Members are able to make loan payments easily and without in-branch or other manual servicing needs, ultimately helping the credit union achieve operational cost savings. The intuitive user interface balances security and convenience, allowing guest borrowers to seamlessly authenticate and make a one-time payment as a guest, or set up and manage a recurring payment plan under a registered user profile.

When member support is necessary, Orbipay offers credit union service representatives a range of digital features, such as single sign-on (SSO), borrower payment management and the ability to send payment links to borrowers.

“We share the member-centric values of credit union lenders, which makes this partnership with Co-op especially meaningful to our team,” said Manish Gurukula, CEO, Alacriti. “The Strategic Provider Program will help us introduce more credit unions to our differentiated approach to loan payments. We’re grateful for the opportunity to expand our reach beyond the 105 credit unions we assist in payment modernization today with Co-op’s endorsement as a referral partner reaching nearly 3,000 credit unions.”

How to Participate – As a Provider and as a Credit Union

Fintech providers can learn more about joining the Co-op Strategic Provider Program at Co-op’s website. Co-op clients interested in connecting with providers can check out the “Meet our Partners” section of the program’s webpage. Clients can explore each provider’s profile to learn more about their solutions and submit an inquiry to hear about preferred cooperative terms to which they may be entitled. The Alacriti profile page can be found here.

About Co-op Solutions

Co-op Solutions is the market-leading financial technology platform whose mission is to connect credit unions to the technology, strategic partnership and scale they need to best serve their members now and into the future. Co-op partners with credit unions to unlock their potential so they can compete; does the hard work of innovation, creating a one-stop opportunity to help credit unions grow; and offers knowledge and expertise in a world where everything must be integrated. For more information, visit coop.org.

About Alacriti

Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform dedicated to helping clients accelerate their digital transformation. Built on a flexible, cloud-native framework, Alacriti’s array of solutions allows clients to deliver the money movement experiences and payments innovation that today’s users demand while seamlessly integrating with their internal infrastructures.

Webinar

Instant Payments: A Credit Union Perspective

With the FedNowSM Service launching at the end of July, instant payments are on the fast track to ubiquity. But before credit unions hop on the bullet train to support them, they must understand: How will credit unions be impacted? And is your credit union properly equipped to receive them?

Watch this Callahan-hosted panel discussion featuring credit unions and payments experts. Discover the latest on faster payments in the U.S., including updates on the RTP® network and the FedNow Service. The panelists will answer your questions about where faster payments are going, how credit unions are preventing fraud, and how they’re using these new rails to meet member needs.

Meet the panelists:

White Papers

The Future of Payments Report: Banking Executive Survey

The financial services industry has been undergoing a great deal of change. With the economic downturn, the increasing ubiquity of ISO 20022, and the launch of a new real-time payment rail this year, there certainly has been a lot to talk about in the world of payments. In Q4 2022 and Q1 2023, The Financial Brand conducted a
survey on Alacriti’s behalf—over 160 banking executives at banks and credit unions revealed their outlook on the future of payments.

To view the result, complete the form on the right.

White Papers

Consumer Bill Payments in 2022: Trends Report

At Alacriti, we have a unique view of the bill payments ecosystem. Our electronic bill presentment and payment (EBPP) solution, Orbipay® EBPP, serves a diverse group of clients across a variety of industries.

Our solution enables us to collect anonymous data on consumers’ bill payment behaviors. We have compiled a collection of online bill payment analyses that can serve our customers and the payment industry at
large in understanding today’s bill pay environment and the needs and expectations of today’s consumers. Download this report to Unlock valuable insights.

Webinar

Making the (Use) Case for Faster Payments

 

As real-time payments continue to grow and evolve, the convenience for businesses and financial institutions is already well known. However, when making the case for real-time payments internally, questions must be answered, such as: how can revenue be generated? And what are the benefits (beyond just being faster)?

In this BAI-hosted panel discussion, Reed Luhtanen, Executive Director at the U.S. Faster Payments Council (FPC), Keith Gray, Vice President, Strategic Partnerships at The Clearing House, and Mark Majeske, SVP Faster Payments at Alacriti discuss:

  • What the FPC is hearing from corporates, and what they would like to see
  • Business use cases for real-time payments
  • New data from the RTPⓇ network regarding usage
  • The economics and evolution of instant payments regarding use cases
  • Recommendations for planning for 2023

 

White Papers

Top 10 Misconceptions about the FedNow Service

The FedNow®  Service, the first new payment rail introduced into the Federal Reserve system in
over 40 years, is launching in July. However, despite being so close to going live, there are still many misconceptions about what’s to be expected.

In a CUInsight-hosted webinar, Joni Hopkins, Vice President, Product and Relationship Management Group at Federal Reserve Financial Services, and Mark Majeske, SVP Faster Payments at Alacriti, reviewed the top ten misconceptions they hear in the market about the FedNow Service.

Webinar

Repositioning Bill Pay at the Center of the Credit Union Digital Experience

While consumers are doing more of their bill payments online, credit union websites and mobile apps are falling behind biller sites in facilitating these payments. Digital experiences are being shaped by other industries, resulting in pressure being put on financial institutions to build relevant banking and payment experiences.

Join experts David Albertazzi, Director, Retail Banking & Payments Practice, at Aite-Novarica Group, and Matt Rhodes, Sr. Account Executive at Alacriti, in this Credit Union Times hosted webinar, as they discuss current trends shaping the banking and bill payment experience.

Key discussion points include:

  • How credit unions can develop engaging digital experiences that allow their members to take control of their finances specifically for
    • Bill management
    • Payment activities
  • The opportunities these experiences create to drive client deposits, engagement, and retention
  • Research revealing how today’s consumer pays their bills
  • The expectations for payments modernization that members have for credit unions
In the News, newsroom

CONNECT 23

Alacriti is looking forward to attending and exhibiting at the CONNECT 23, Q2’s annual conference. Featuring insights from industry thought leaders and experts and new innovations to help financial institutions transform their digital banking experience.

Stop by our booth #204 to speak with our team about our comprehensive money movement platform that redefines what’s possible and learn how we can help your financial institution accelerate your payments modernization. If you would like to book a meeting at the show, you can block some time on our calendar here.

Don’t forget to get your badge scanned by a member of our team to take part in our giveaway for a chance to win a pair of Airpods!

In the News, newsroom

Alacriti Partners with Socure to Provide Instant Payments Fraud Prevention

Alacriti, a fintech company specializing in payments, announced today that it has partnered with Socure, the leading provider of digital identity verification and fraud solutions, to deliver third-party and synthetic identity fraud prevention for instant payments.

“Faster payments deliver greater convenience and instant access to funds. Yet its growing adoption brings different fraud risks as organized criminal networks look to exploit its vulnerabilities,” emphasizes Chuck Subrt, Director Fraud & AML Practice at Aite-Novarica Group. “To mitigate these risks, financial services organizations need to optimize their financial crime frameworks by integrating more real-time capabilities and richer risk intelligence. The Alacriti-Socure partnership delivers an option for the financial services community to address the needs of instant payments.”

This partnership allows financial institutions to utilize end-to-end, turnkey, instant payment solutions with integrated fraud prevention. Alacriti’s Cosmos Payments Hub, which is on the Orbipay platform, enables financial institutions to deliver modern money movement experiences to their customers, reduce operating costs, and accelerate time to market.

“Instant payments require real-time fraud prevention, which is not something many existing enterprise fraud systems are well-equipped to handle. This partnership represents a huge opportunity for financial institutions, as they can now affordably access Socure’s market-leading fraud prevention solution, which is fully integrated with Alacriti’s Cosmos Payments Hub,” said Mark Majeske, SVP Faster Payments at Alacriti.

Keith Gray, Vice President, Strategic Partnerships at The Clearing House added, “As more banks and credit unions leverage the RTP® network to send instant payments, having access to appropriate fraud tools becomes an important part of a real-time payments strategy. We are happy to see Alacriti and Socure working together to provide fraud monitoring tools to financial institutions in the real-time payments ecosystem.”

Alacriti’s Orbipay AIQ is a cloud-based, machine learning-based fraud prevention solution designed to manage fraud and risk associated with instant payments processed through payment rails such as The Clearing House’s (TCH) RTP network, the FedNowSM Service, and Visa Direct—or conventional payments such as ACH or Wires. Orbipay AIQ can be deployed to augment a financial institution’s existing fraud detection system or act as a stand-alone system. The solution is proactive, enabling it to analyze and score individual senders and receivers of transactions prior to the transaction being processed through a specific payment rail. Financial institutions can also set up customized tolerance levels to better control individual organizational preferences.

Orbipay AIQ is powered by Socure’s Sigma Fraud suite, combining the industry’s most accurate third-party and synthetic identity fraud solutions with the highest auto-approval rates while minimizing fraud risk and false positives. Socure’s fraud prevention solutions analyze every dimension of consumer identity leveraging an advanced machine learning framework, and block stolen or synthetic identities from entering the payment network.

“Our partnership with Alacriti protects financial institutions and their account holders from predatory fraudsters, improving their trust and confidence when making faster payments transactions. The joining of a comprehensive identity verification and fraud prevention platform with the Cosmos Payments Hub helps financial institutions safely deliver payments innovation quickly and with less risk to market,” said Evan Rabinowitz, VP of Business Development at Socure.

Alacriti (booth 512) and Socure (booth 533) will be present at the Nacha Smarter Faster Payments 2023 conference and will be available to discuss the details of the partnership. Additional information can be found in the recorded webinar, Navigating Fraud in the World of Instant Payments: Strategies for Success.

About Alacriti

Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform dedicated to helping clients accelerate their digital transformation. Built on a flexible, cloud-native framework, Alacriti’s array of solutions allows clients to deliver the money movement experiences and payments innovation that today’s users demand while seamlessly integrating with their internal infrastructures.

About Socure

Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time. The company has more than 1,500 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top buy now, pay later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Stash, DraftKings, Poshmark, State of California, and Florida’s Homeowner Assistance Fund. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.

White Papers

Navigating Fraud in the World of Instant Payments: Strategies for Success

With so much change within payments in recent years, there has been a corresponding change in the amount of regulatory scrutiny and considerations for fraud prevention. In particular, existing fraud prevention systems must be augmented to accommodate the new requirements of instant payments.

In a Banking Exchange-hosted webinar, speakers from Socure and Alacriti discussed the current and future state of fraud in the instant payments landscape, as well as strategies for protection to combat evolving fraud trends.

In the News, newsroom

Nacha Smarter Faster Payments 2023 Conference

Alacriti is looking forward to attending and exhibiting at the Nacha Smarter Faster Payments Conference, designed for a diversity of organizations that are interested in driving innovation, delivering value through new solutions and services, and employing these offerings to meet their business needs and customers. At this annual conference, payments experts from financial institutions, solution providers, and corporations may learn and network at the conference, which has educational sessions, an exhibit hall, and a range of networking opportunities.

Stop by our booth #512 to speak with our team about our comprehensive money movement platform that redefines what’s possible and learn how we can help your financial institution accelerate your payments modernization. If you would like to book a meeting at the show, you can block some time on our calendar here.

Don’t forget to get your badge scanned by a member of our team to take part in our giveaway for a chance to win an Apple iPad!

White Papers

Payments in 2023: What You Need to Know

2023 will be an important year for payments. With the launch of the FedNowSM Service, the prevalence of real-time payments continues to accelerate. At the same time, instant payments fraud is receiving a great
deal of attention. ISO 20022 is also a hot topic as there is a mandatory Fedwire migration to it by 2025 and a current global migration of MT to MX on SWIFT (which also leverages ISO 20022).

In an American Banker webinar, speakers from Celent and Alacriti discussed what U.S. financial institutions have to do to catch up with the rest of the world, and how their approaches to changes will be a competitive differentiator

In the News, newsroom

Alkami Co:lab 2023

Alacriti is excited to join and exhibit at Alkami Co:lab, which brings together leading financial institutions, fintech companies, analysts, consultants, and digital banking experts to explore the future of digital banking. Attendees can use the collective power of the event to stay competitive now and determine what’s next for the industry.

Come talk to our team at Booth #12 about how we help financial institutions deliver modern digital payments and money movement experiences. If you would like to set up some time for a conversation, you can block some time on our calendar here. Also, don’t forget to enter for a chance to win an iPad in our giveaway!

Alkami Co:lab is hosted by Alkami, a leading provider of cloud-based, innovative digital banking solutions. This event will take place in Grapevine, Texas on April 4-5, 2023.

Webinar

Top 10 Misconceptions about the FedNow Service

 

The 2023 launch of the Fed’s new real-time payments rail, the FedNow® Service, is drawing near. However, there are still many misconceptions about what’s to be expected.

In this CUInsight hosted webinar, Joni Hopkins, Vice President, Product and Relationship Management Group at Federal Reserve Financial Services, and Mark Majeske, SVP Faster Payments at Alacriti reviewed the top ten misconceptions in the market about the FedNow Service.

Some of those misconceptions included:

  • My credit unions has to offer all use cases for members to see a value
  • It’s mandatory to open a separate account with the Fed
  • Processing real-time payments is more expensive than processing Same Day ACH
  • A brand new fraud system for instant payments is a must

Watch the webinar playback now to get the facts, as well as an overall update about the FedNow Service.

 

In the News, newsroom

2023 NACUSO Network Conference

Alacriti is looking forward to attending and exhibiting at the 2023 NACUSO Network Conference, a gathering of over 500 credit union and CUSO attendees who are some of the most innovative and business-minded people in the industry.

Stop by our table in the Networking Exhibits lounge in the Margaux Ballroom to speak with our team about our comprehensive money movement platform that redefines what’s possible and learn how we can help your financial institution accelerate your payments modernization. If you would like to set up some time for a conversation, you can block some time on our calendar here.

Also, don’t forget to enter our giveaway for a chance to win a pair of Airpod Pros while you’re at our booth too!