From digital transformation to the ramp up to instant payments with FedNow and beyond, payments have become the hot topic du jour. However, as community banking executives, we’re juggling multiple balls in the air, and a laser focus on payments can be challenging.
We rely on our teams to keep us apprised, but many community banks may not have the resources to stay on top of all things payments. Thankfully, we have ICBA Bancard to support us. As true payments experts, they represent community bank needs and interests where we can’t do it on our own.
I am a member of the Visa Community Bank Roundtable with other community bankers and ICBA Bancard colleagues, so I have a front-row seat to how effectively they advocate on our behalf. The data Visa has on shifting payment trends and economic insights is powerful, and I’ve seen how the ICBA Bancard team takes that information and applies it to strategies that support our specific needs. There are many other sources of critical data that ICBA Bancard has access to, and relays to our participating banks as well.
Combining the collective buying power of our bank clients, ICBA Bancard is the 25th largest credit issuer in the U.S., which translates into an increased level of influence with the card networks and core providers. There’s strength in numbers, and I know my voice is being heard as a client. The ICBA Bancard relationship allows us, as an industry, to amplify our voices, rather than going it alone.
Beyond cards, as original members of the Federal Reserve’s Faster Payments Task Force, ICBA Bancard has been engaged with FedNow since before it was a product offering. Through that deep experience and relationship, the team had a seat at the table to influence policy and partner with the Fed on a series of webinars that will help community banks get the need-to-know details about FedNow. This includes pilot status updates and questions we should be asking our core providers today.
With these industry connections and intrinsic knowledge, ICBA Bancard serves as an extension of my team, and I encourage you to consider them a part of yours as well. Connect your payments and operations leads with ICBA Bancard so they can remain in lockstep on what’s most important in today’s payments environment.
Extend the relationship deeper within your bank so your staff can benefit from the wisdom of payments specialists, too since presidents and CEOs are not usually experts in this area. And ask questions; use the ICBA Bancard team to s assist with your payments strategy.
We are in a new payments paradigm, and as leaders, it’s our job to ensure we continue to stay ahead of the developments that affect our customers. Fortunately, ICBA Bancard provides the expertise to do just that.