Business/Corporate Toolkit Orientation


Tool 1


Take the Faster Payments Awareness Survey to understand the benefits of Faster Payments for Businesses / Corporates

Tool 2


Take the Faster Payments Adoption Maturity Self Assessment for Businesses /  Corporates to understand current maturity and where you are in the adoption journey

Tool 3


Sign up for follow up discussions with Deloitte SMEs to discuss survey results, next steps, and get any additional queries answered

Faster Payments Awareness Survey is the First Step for Businesses / Corporates in their Faster Payments Adoption journey

Expected Outcome from the Survey1

Become aware of how Faster Payments can benefit your organization
Determine suitability of Faster Payments with respect to their goals
Identify appropriate use cases and fast-track business case development
Instructions on use:

Businesses / Corporates may take the short surveys to understand the benefits and opportunities that an organization can explore by adopting Faster Payments based on their payments mix and organization’s priorities

Survey 1 – Faster Payments Awareness Survey: Inbound Payments (C2B)
Survey 2 – Faster Payments Awareness Survey: Outbound Payments (B2B or B2C)

  1. Click on the survey icons, below, to access the survey 
  2. The survey consists of 5 questions that take less than 5 minutes to complete
  3. Please note that clicking ‘Calculate’ on the survey form will NOT lead to any information entered to be shared with Deloitte2, the FPC, or any other party

Note: 1) The benefits/opportunity areas are directional in nature and FIs may use the information at their own discretion; 2) FIs can choose to share the data with Deloitte if they plan to engage in a 1x1 deep dive session with Deloitte SMEs (Tool 3).

Access the Inbound Survey and the Outbound Survey for Businesses / Corporates here:

Input

Payment Mix


Range of payment volume for different payment methods e.g., checks, credit cards, ACH, Alternate Payment Methods, etc.

Organization Goal


Organization’s priorities such as payment processing cost reduction, superior customer service, risk reduction, revenue enhancement, etc.

Survey
Output

Opportunity Areas


Opportunity areas such as reduction in check processing cost, improvement in customer NPS, improvement in reconciliation processes, etc.

Faster Payments Adoption Maturity Self Assessment Tool helps Businesses / Corporates Benchmark Progress Against the Maturity Curve

Expected Outcome from the Tool

Assess your current readiness and gaps in the adoption maturity curve 
Prioritize the area of focus (Business vs Operational vs Technology) that is hindering  faster payments adoption
Determine next steps to move up the maturity curve from the current position
Instructions on use:

Businesses / Corporates may use this tool to assess their readiness to adopt Faster Payments. This tool helps them determine where they are in their current journey of adopting Faster Payments and identify next steps needed to gain further momentum

  1. Evaluate Business, Operational and Technology readiness dimensions by clicking on the spreadsheet below
  2. In the individual readiness tables for each dimension (tab 2, 3 and 4), select the status for the Readiness activities from the drop-down list based on your current completion status
  3. Use the graph present on tab 5 to benchmark the scores against the maturity model to determine organization’s position on the maturity curve and readiness to adopt Faster Payments

Faster Payments Adoption Maturity is Measured Across Three Readiness Dimensions


Business Readiness
Strategic focus to adopt Faster Payments in line with an organization’s priorities and broader payments modernization vision
Technology Readiness
Capability to upgrade existing technology systems and standards pertaining to legacy infrastructure for Faster Payments adoption
Operational Readiness
Capability to efficiently deploy, operate and maintain the systems and procedures to implement Faster Payments within an organization
The score obtained against these three readiness dimensions will be used to determine the stage at which a Businesses / Corporates is  on the maturity curve and identify the steps to move up the curve.

Based on the Scores across Business, Operational and Technology Readiness Dimensions, Businesses / Corporates can Determine their Position on the Maturity Curve 


Characteristics


Disruptor

Businesses / Corporates for whom faster payments solution is a strategic need and hence have developed the capability to support multiple use cases, e.g., for both inbound and outbound payments applicable in B2B, B2C and C2B space.

NEXT STEPS:

  • Identify additional growth opportunity areas in faster payments and strive for innovation to further the adoption for the benefit of the larger industry
  • Leverage Faster Payments to build and offer value-added services to the customers

Transformer

Businesses / Corporates that have understood the strategic need for faster payments solution to keep pace with third party players offering faster payments services or to address rapidly changing customer needs.

NEXT STEPS:

  • Define the roadmap for commercialization and launch Faster Payments for the selected use case to a wider customer base
  • Build on the momentum by scaling up to include more use cases from the priority list or expanding to different customer segments and conduct supplementary pilots

Player

Businesses / Corporates  that are beginning to recognize the importance of offering faster payments services and have started building the required operational and technological capabilities.

NEXT STEPS:

  • Design a criteria to prioritize use cases (e.g., alignment with organization goals, investment required, resources needed, expected changes in internal processes), work with your banking partner to identify the most impactful use case, build a business case for faster payments and seek buy in from relevant stakeholders
  • Outline the pre-requisites for faster payment adoption, chart out the implementation plan and sign up for a small-scale pilot with your banking partner

Explorer

Businesses / Corporates that have either not fully recognized the importance of faster payments for their retail/corporate customers yet or have limited capability/resources/funds or all.

NEXT STEPS:

  • Identify a banking partner to chart out a roadmap and accelerate their effort towards implementing Faster Payments
  • While choosing a banking partner, Businesses / Corporates may consider factors such as cost (implementation and ongoing maintenance cost, cost of additional services/modules), time to market, technical depth (core payment capabilities offered, alignment with global messaging protocols for Faster Payments, level of tech support offered, fraud and risk monitoring services), alignment with broader payments strategy and deployment options, and solution maturity (experience with faster payments, success stories), etc.

Resister

Businesses / Corporates that either don’t have the need (i.e., faster payments solution not requested by customers or no competitive pressure from third party players offering payments services to their customers) or the capability/resources to adopt Faster Payment solutions or both.

NEXT STEPS:

  • Educate your internal stakeholders on the benefits to adopt faster payments and become a pioneer in your industry
  • Identify the processes and systems that need to be updated to build operational and technical capability for a minimum viable product

Tool 3 for FIs and Businesses/Corporates: 

Faster Payments Adoption Deep Dive Discussion with Deloitte

Financial Institutions and Businesses / Corporates can engage in a one-hour business consultation session with Deloitte to firm up the Faster Payments roadmap and get answers to any additional queries by SMEs

What to Expect?

Discuss the results from the surveys and self assessment
Understand opportunity areas, potential use cases and focus areas to accelerate Faster Payments adoption
Understand the industry trends and drivers for adoption
Participate in discussions with Deloitte SMEs to identify drivers influencing the industry adoption of Faster Payments 
Discuss next steps for accelerated adoption of Faster Payments
Develop a structured approach to move ahead in your Faster Payments journey, e.g., participate in Faster Payments Innovation Lab, sign up for a controlled pilot, etc.

RTPS Payments Innovation Lab Overview

RTPS Payments Innovation Lab is an exploratory lab that makes ideas tangible by building an understanding of the art-of-the possible, and charting a clear path to realizing the benefits of Real Time Payments


90 mins lab to explore a single use case
Topics Covered
  • Primer on Real Time Payments Systems –Overview of RTPS; its capabilities; showcase of a customer Bill Pay prototype
  • Breaking Doubts – Address questions on RTPS; identify its applicability across different workstreams and flip orthodoxies
  • RTP Journey with Merchant – Identify qualitative and quantitative benefits of RTPS by creating a benefits case for one use case
Expected Outcomes
  • Close with a personal commitment to action - Decision on exploring broader opportunities to create a business case on RTPS
Next Steps
  • Decide whether the merchant wants to explore a broader set of use cases
Half day lab to build a CFO ready business case
Topics Covered
  • Problem Framing – Identify customer pain-points at various stages of their payments journey
  • Use case prioritization – Use customer personas and journeys to determine how RTPS can address customer pain-points
  • Art of the possible – Apply complementary technologies (IoT/ML) to customer journeys and understand the present needs
  • Breaking Doubts – Address questions on RTP®; identify its applicability across different workstreams and flip orthodoxies
  • Business Case – Create a benefits business case for select use cases through various business drivers perspective
  • Roadmap – Revisit action items to create a way forward (activities, owners, timelines)
Expected Outcomes
  • A comprehensive business case for submission to the CFO office
  • A 5-5-5 Action Plan
Next Steps
  • Creation of roadmap implementation
  • Identification of a banking partner for the pilot
  • Implementation of a controlled pilot

RTPS Readiness and Adoption | The Approach

We have a structured approach to assess readiness, test pilot, and implement RTPS

RTPS Innovation Lab


Objective

  • Evaluate RTPS use-cases for the Merchant
  • Understand the art-of-the possible and learn from other industries
  • Create a business case and commitment to action

Outcome

  • Business case ready for submission to the CFO office
  • Understanding of benefits of participating in a controlled pilot
  • Register for Pilot

Controlled Pilot


Objective

  • Prioritize use cases
  • Finalize potential partner(s)

Outcome

  • Test RTPS in action with a controlled group within your organization
  • Potentially showcase at industry conferences
  • Approve funding for implementation
  • Shape pricing and features in collaboration with existing and potential customers

Implementation


Objective

  • Integrate front-office and back-office systems
  • Establish processes to support 24X7 clearing and settlement

Outcome

  • Launch RTPS for consumers and businesses
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