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Payment Hubs Gain Ground as 35% of Financial Institutions Plan Adoption

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Payment Hubs Gain Ground as 35% of Financial Institutions Plan Adoption

Banks can give customers more payment choices without giving them more decisions to make.

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That’s the opportunity outlined in “Why Multi-Rail Strategy Is Banking’s Next Competitive Edge,” an October PYMNTS Intelligence report produced in collaboration with The Clearing House. The report examines how banks can coordinate cards, automated clearing house payments, instant transfers, wires and digital assets. Its third key finding puts the emphasis on how banks select and manage those networks. Connecting to more systems creates options. Choosing the right one for each transaction can turn those options into better service. Think of it as a navigation app that selects a route based on the destination and current conditions. Customers specify what they need, while the bank handles the details.

The report also finds that different networks continue to serve different needs. PYMNTS Intelligence research cited in the report shows that 76% of surveyed financial institutions enabled RTP for commercial customers, compared with 40% offering FedNow. As availability expands, banks have an opportunity to make payments easier to use while managing the complexity themselves.

At PYMNTS Intelligence, we work with businesses to uncover insights that fuel intelligent, data-driven discussions on changing customer expectations, a more connected economy and the strategic shifts necessary to achieve outcomes. With rigorous research methodologies and unwavering commitment to objective quality, we offer trusted data to grow your business. As our partner, you’ll have access to our diverse team of PhDs, researchers, data analysts, number crunchers, subject matter veterans and editorial experts.


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