Do you know of any bill pay solutions that are using Visa Direct, same day ACH, and/or RTP? I would love to explore how credit unions could potentially bring the bill pay relationship in-house with the right platform. Bill pay solutions already have the end-user interface to allow members to send money to merchants and people, and have some ability to translate transactions into core account posting. 

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What is “receive-only” and why should my credit union consider it? 

Receive-only is a term used in the real-time payments world to refer to a financial institution that is connected to the network and configured to be able to receive real-time payments, but not send them. 

This enables members or customers of that financial institution to receive real-time payments into their accounts. These payments post to end-user accounts immediately (i.e., within seconds).  

The receive-only approach can open doors for your members to receive instant payments such as Venmo Instant Transfers, insurance claim settlements, tax refunds, and potentially even same-day wage payments as more companies are considering more frequent and worker-friendly payroll options. 

Stepping into the real-time payments world by offering receive-only first (rather than “send-and-receive”) is an approach worth considering. Receive-only allows your credit union to get connected to the network and gives your staff the opportunity to get familiar with some aspects of real-time payments. Once receive-only is up-and-running, you can then pursue an end-user app for initiating real-time payments and prepare for the liquidity management requirements that come along with real-time settlement. 

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