With the direct deposit campaign coming to a close, the Automated Payments Partnership is prepared to move on to the next phase—direct payment.
The Partnership, composed of the Federal Reserve Banks of St. Louis, Kansas City and Chicago as well as the Mid-America Payment Exchange, was formed last year to increase awareness and use of electronic payments. In January, the Partnership sent a letter to financial institutions in a nine-state territory inviting them to assist in promoting direct payments.
Those who choose to join the Partnership will receive a direct payment marketing kit with sample marketing materials and a direct payment guide for financial institutions. Institutions who are already partners will automatically receive the direct payment kit.
The kit contains a form that financial institutions can complete if they know of utility or service companies in their area who would benefit from receiving a brochure highlighting the benefits of direct payment. The Fed then will provide these companies with a guide to implementing direct payment or tips to increasing direct payment participation.
In April, the Partnership will begin the consumer phase of the campaign when financial institutions and billers promote direct payment to consumers.
For more information, call Carrie Andert at (314) 444-8946.