Evaluating Risk When Adding Instant Payment Send
Description
For many financial institutions (FIs), adding send capabilities is the next step in the instant payments journey. Moving from being a receive-only bank to one that also offers send requires additional functionality, including more robust fraud scoring, enhanced security features, such as multi-factor authentication or biometrics, and operational and technology considerations.
IncredibleBank, a Wisconsin-based bank with operations in Wisconsin, Michigan, and more recently southern Florida, is adding instant payment sending capabilities to its payments strategy after initially joining the RTP® network back in March 2020 through its technology partner, Jack Henry. In this episode, Phil Suckow, Vice President of Innovation at IncredibleBank, discusses how his team evaluated risk and operational enhancements as the bank moved to add send capabilities.
Payments Nerds is brought to you by The Clearing House, hosted by Greg MacSweeney, and produced by Earfluence.
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