US Faster Payments Council reports on faster payments and inclusion

The US Faster Payments Council (FPC) has issued its Faster Payments and Financial Inclusion report, exploring the readiness and preparation of financial institutions to implement faster payment solutions and their impact on financial inclusion

The industry survey aims to identify the commercial and product features necessary to enhance financial inclusion through faster payments. It incorporates input from banks, credit unions, payment providers, and businesses.

Inclusion challenges

Key findings from the survey reveal that while a majority of financial institutions are actively engaging with faster payments, significant work remains to address inclusion. Only 56% of respondents currently offer faster payments, with an additional 35% planning to do so.

While financial institutions are beginning to engage with faster payments, their efforts to ensure financial inclusion are in the early stages, and much work needs to be done, said the report’s creators. FPC’s survey identifies the critical areas where institutions must focus to ensure that faster payment solutions are accessible and beneficial to all, especially the unbanked and underserved populations.

The need for better education and improvements in the user experience

The report further underscores that financial institutions must address several key areas to enhance financial inclusion. These include the need for better education and awareness about faster payment options among consumers. It highlights the need for improvements in user experience to ensure accessibility for all demographics. And the need for enhanced collaboration among stakeholders to build a more inclusive payment ecosystem.

The findings suggest that targeted initiatives and partnerships can play a pivotal role in bridging the gap between faster payments and financial inclusion.

The US Faster Payments Council is committed to helping foster an inclusive financial ecosystem. These findings provide valuable insights that will guide their members in creating faster payment solutions that truly serve the needs of all consumers, leading to a more equitable financial landscape.

US Faster Payments Council reports on Faster Payments and Financial Inclusion was originally created and published by Electronic Payments International, a GlobalData owned brand.