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The next generation US payments system, or “Immediate Payments” as the industry is calling it, is an approach to modernizing the U.S. payments system to help streamline process, enable innovation, and reduce risk.
Faster payments systems are planned to join current payments systems — EFT, wire transfers and especially Automated Clearing House (ACH). This is meant to help spur more innovation in the U.S. market, where legacy banking payments systems are costly, fragile and inflexible. The new offering promises to meet customer expectations for a ubiquitous, speedy and convenient payment service while it helps reduce end-to-end exposure to risk.
The immediate payments approach is similar to Faster Payments Service developed in the U.K. and other markets around the world. Having experience with some of these ventures with our partner VocaLink (https://www.youtube.com/watch?v=4saoCirKr08), NTT DATA Services, formerly Dell Services offers a “payments transformation” solution leveraging its proven skills which includes a readiness assessment for U.S. banks that plan to modernize payments infrastructure and processes. See us for system integration, impact assessments, or faster payments consulting.