Wrestling Payments
Wrestling Payments is a podcast for professionals working at banks, credit unions, and FinTechs who are responsible for managing ACH and payment operations. In each episode, members of NEACH guide conversations to help professionals examine the challenges of modernizing payment operations. Ultimately, the stories uncovered through guest interviews and solo episodes will highlight industry trends and identify how organizations can build their payment operations for the future.
Wrestling Payments
Onboarding FedNow with the Payments Professor
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EPISODE SUMMARY
In the latest episode of Wrestling Payments, host Joe Casali is joined by Kevin Olsen, the Senior Vice President of Innovation and Strategy at Pidgin. They dive into the intricacies of onboarding the FedNow payment system, emphasizing the challenges and strategies involved. Olsen highlights the essential steps for a successful onboarding process, including the importance of knowing one's OAL (Officer Authorized List) and the significance of thorough testing to ensure a seamless transition. The conversation touches on the rapid adoption of FedNow, with Olsen noting the impressive number of institutions already onboarded.
Olsen also explains the operational and strategic considerations for financial institutions adopting FedNow. He discusses the necessity of involving key personnel such as IT, treasury, and authorized contacts from the outset to streamline the onboarding process. The discussion extends to the practical aspects of managing exceptions and ensuring continuous operations, even during weekends and holidays. Olsen reassures that while the system is designed to minimize exceptions, institutions must be prepared to handle rare cases without disrupting service.
The episode concludes with a look at the broader implications of instant payments and the potential for future developments in the payments landscape. Olsen provides insights into managing liquidity and security concerns, especially for high-value transactions. He emphasizes the flexibility of the FedNow system in accommodating various use cases and operational needs. Casali and Olsen's engaging dialogue offers valuable perspectives for financial professionals navigating the evolving world of instant payments.
GUEST-AT-A-GLANCE
Guest: Kevin Olsen
What he does: SVP Innovation & Strategy
Company: Pidgin
Noteworthy: Kevin Olsen, Senior Vice President of Innovation and Strategy at Pidgin, is known as the Payments Professor. He has extensive experience in onboarding financial institutions to payment systems like RTP and FedNow.
Where to find Kevin: LinkedIn
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