As demand for real-time payments surges and businesses seek greater flexibility, large U.S. banks face mounting pressure to modernize outdated Fedwire and ACH systems. Globally, regulatory shifts are emphasizing payment resilience, underscoring the urgent need to address legacy infrastructure before it becomes a critical point of failure. The Federal Reserve's proposal for 24/7 Fedwire availability, coupled with the global adoption of ISO 20022 for payment messaging, highlights the imperative for modernization. Many large financial institutions are already implementing modern parallel payment processing systems for ACH and Fedwire to ensure redundancy, comply with evolving regulations on payment infrastructure resiliency, and future-proof their operations in today's fast-paced payments environment.
Key topics:
- Building resilience: How to design payment systems that ensure operational stability, following looming resiliency regulation like those of the UK's National Payments Vision.
- Modern ACH and Fedwire: Transitioning from legacy mainframe-based systems to API-powered, ISO 20022-native platforms for faster, secure, and scalable payments.
- 24/7 Fedwire: Preparing for continuous, real-time Fedwire processing that meets the demands of today's always-on economy.
- Meeting B2B demands: How upgrading ACH systems can support the speed, automation, and efficiency required for the B2B economy.
- Avoiding disruptions: Lessons from recent outages and how to design systems that prevent costly downtime and maintain customer trust.
Key questions answered:
- How can banks leverage parallel modern infrastructure for Fedwire and ACH to provide APIs to SMBs and enterprises while seamlessly integrating new fintech experiences for better ROI?
- What is the best approach for large banks to transition from legacy ACH and Fedwire systems to modern, ISO 20022-native platforms that support future-ready payments?
- How can large banks enhance payment system resilience and prevent costly disruptions in a 24/7, real-time payments environment?
