The Road to FedNow | Special Information Session
Tuesday, June 13, 2023 at 1:00 pm CT
This event is free of charge.
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The launch of the Federal Reserve’s FedNow℠ Service is finally upon us, providing an uninterrupted, 24x365 platform for instant payments that adds to other faster payment services such as The Clearing House’s RTP® network and Same Day ACH. However, with this exciting launch comes questions and challenges.
Adding a completely new payments system can be complex, as there are ecosystem partners involved including correspondents, data processors, cores, home banking providers, etc. How might your credit union put this into operation?
Join Alloya’s experts as they talk through a roadmap to simplify the transition, and describe Alloya’s forthcoming solutions for real-time settlement, liquidity management and payment processing.
Presenters
Margo Giles, Senior Vice President, Payment Operations, Alloya Corporate FCU
As the Senior Vice President of Payment Operations, Margo Giles oversees the corporate’s payment operations functions, which consist of product delivery along with compliance, fraud prevention and product implementations for credit union member-owners. Her responsibilities include supporting innovative and efficient delivery systems for wires, ACH, check processing, coin and currency, international payments and real-time payments while remaining compliant with all applicable regulations.
With nearly 30 years in business management and information technology, Giles has a vast array of experience at the corporate as well as other leading companies. Previously, she has held leadership roles in technology, information security, business continuity and project management. During her tenure at the corporate, she successfully led numerous corporate merger and system integration projects that resulted in significant operational efficiencies and a streamlined service profile.
Giles holds her Bachelor of Science degree in Computer Science (with a minor in Business Administration) from Northern Illinois University.
Jim Schneck, Chief Strategy & Innovation Officer, Alloya Corporate FCU
As Chief Strategy & Innovation Officer, Jim Schneck leads the strategic planning process, which ensures that organizational objectives and initiatives are directed towards increasing value to the membership. He is also responsible for Alloya’s payments business growth and innovation efforts.
Previously, Schneck served clients in financial and consulting firms such as McKinsey & Company and Houlihan Lokey; led strategy and corporate development for a 5,000+ employee organization; and founded a small advisory firms. Prior to joining Alloya, he served as managing partner for the Convergent Strategy Group.
Schneck holds a Master of Business Administration from the Kellogg School of Management at Northwestern University and a Bachelor of Science in electrical engineering from Iowa State University.
Jim Olney, Vice President, Payments Strategy, Alloya Corporate FCU
Jim Olney provides research and analytical expertise to support the strategic decisions of Alloya. Olney joined the corporate in 1989 and has held roles in research and development, innovation, product management and strategic initiatives, all with an emphasis on payment services. He was instrumental in Alloya’s check processing consolidation projects, successfully migrating over 900 credit unions to the corporate’s current platform in 2017 and another 90 in 2021. As a leader of Alloya Insights: Faster Payments, Olney’s strong analytical background is useful in researching and analyzing payment trends to identify opportunities to position credit unions for the future. He expects to collect and summarize research reports on a variety of payment topics from checks, person-to-person (P2P) and cryptocurrency to empower participants with information to make decisions on faster payments.
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