Project Description

Two business women and one businessman standing at the end of a counter talking. A computer and folders are on the table.Faster payments are here—and they’re ready to transform how we pay and collect. Thanks to accelerated settlement and robust notification capabilities, faster payments eliminate waiting for funds to arrive, and wondering about transaction status.

There are several options available now, including Same Day ACH, push to card, and Zelle®, with more set to launch in the coming months. All facilitate the transfer of money between domestic bank accounts, along with the near real-time exchange of information.

These efficient electronic methods can help you:

  • Speed cash flow
  • Improve supplier relationships
  • Optimize working capital
  • Reduce fraud risk
  • Eliminate check processing costs
  • Deliver a stronger customer experience

No matter which method you choose or the type of business you run, there’s an opportunity waiting.

How can faster payments transform your business?

  1. Streamline your payroll. With faster payments, you can pay temporary workers each day and reimburse employees immediately for out-of-pocket expenses. You can make your payroll on time—even if you miss your regular direct deposit deadline.
  2. Improve your customer service. With faster payments, you can give your customers more options. They can pay bills on the due date and avoid late fees, or make upfront deposits.
  3. Pay your suppliers just in time. Same day or real-time payments can reduce your inventory needs and improve your supplier relationships. For example, a restaurant could place a fresh produce order in the morning, and guarantee supplier payment and immediate delivery later the same day.
  4. Boost your working capital. When you pay suppliers, faster payments give you more control of payment timing, and more opportunity for early payment discounts. When you collect from customers, you can settle funds more quickly. You can even accelerate account-to-account transfers to concentrate your cash.
  5. Expedite claims payments. Insurance companies can expedite claims payments to policyholders and repair vendors who’ve experienced a loss. Receiving needed funds in less time helps speed the return to normalcy and increase customer satisfaction.
  6. Issue refunds. Doctors, hospitals, and government agencies, even utilities and telecommunications providers, can easily issue refunds for overpayment. Property managers can return tenant deposits without issuing a check.
  7. Speed up back-office activities. Faster payments can help you improve staff productivity and collection rates. You can verify accounts immediately, quickly correct erroneous credits or debits, receive returns faster, and reissue transactions.

With faster payments, there are advantages for everyone: your business, your employees, your customers, and your suppliers. Where will you begin?

For more information, contact your treasury management representative.