Conducted in the third quarter of 2023, the survey delves into the readiness of financial institutions to implement faster payment solutions and their impact on financial inclusion. Developed by the FPC Financial Inclusion Work Group (FIWG), the survey aimed to identify the commercial and product features necessary to enhance financial inclusion through faster payments. With 88 respondents from banks, credit unions, payment providers, and businesses, the report sheds light on the current state of faster payments integration and the efforts needed to ensure inclusivity for all Americans.
Key findings from the survey reveal that while a majority of financial institutions are engaging with faster payments, significant work remains to address inclusion pain points. Only 56% of respondents currently offer faster payments, with an additional 35% planning to do so.
The report emphasises the need for better education and awareness about faster payment options among consumers, improvements in user experience to ensure accessibility for all demographics, and enhanced collaboration among stakeholders to build a more inclusive payment ecosystem. Targeted initiatives and partnerships are highlighted as pivotal in bridging the gap between faster payments and financial inclusion.
In the official press release, the FPC Executive Director expressed the organisation's commitment to supporting an inclusive financial ecosystem and using the insights from the survey to guide members in creating faster payment solutions that serve the needs of all consumers. The FPC prioritises the inclusion of diverse perspectives in addressing complex topics such as interoperability, security risks, fraud threats, and barriers to financial inclusion, as it aims to pave the way toward a future of faster payments for all.
In May 2024, US Faster Payments Council released a report that analyses the implementation of instant recurring payments.
The report, titled 'Navigating Instant Recurring Payments: Consumer, Business, and Financial Institution Perspectives' was spearheaded by the FPC Real-Time Recurring Work Group (RTRWG) and sponsored by BNY Mellon. In essence, it explored the implementation of instant recurring payments from various viewpoints, and it emphasised key components crucial for successful deployments, such as Request for Payment (RfP) and standing approval, aiming to facilitate seamless and secure transactions in the dynamic landscape of instant payments.
In the official press release, representatives from FPC Real-Time Recurring Work Group noted the significance of instant recurring payments, highlighting their speed, convenience, and security.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now