From what we’ve seen, receiving instant payments presents little or no risk to the credit union since you are simply receiving funds sent to a valid account number.
From a risk perspective, think of sending instant payments like sending wires. If you have traditionally shied away from the idea of allowing members to initiate wires themselves, you might feel the same about allowing them to send payments via the new instant payment rails. Like a wire, once an instant payment is sent, it cannot be canceled or reversed.
Any solution we build will include various controls such as enrollment restrictions, maximums by item/day/# of minutes, two-factor authentication, and other configurable options. We are even discussing the potential of adding a fee structure fees as a little speed bump to help to mitigate some risk, but ultimately your credit union must make the decision about how comfortable you are allowing members direct access to send via these new rails.
Sending and receiving capabilities will have separate configurations and connections, so you will have the option to turn on receiving capabilities while leaving the sending capabilities off.
Note: Sending capabilities are not currently available. Check the Kitchen for updates.