Readiness for Faster Payments in the U.S. Study

The full survey results and a white paper are available to Payments Association members only. Contact your payments association for more information.

As the payments industry continues to evolve, how are small to midsize financial institutions integrating payments innovation and change into strategic planning? This study, conducted by the Center for Payments, surveyed payment systems participants from across the United States to examine how financial institutions and others are planning or implementing a payments strategy and adopting new technologies, like faster payment solutions.

The key objectives of the study were:

• Identify key trends in the payments industry
• Evaluate awareness and membership/use of faster payments working groups/providers
• Assess current state of readiness for faster payments implementation
• Explore opportunities to provide knowledge, assistance and support to member organizations
  

Over 700 total organizations completed the study, with 94% being financial institutions and 6% Third-Party Service Providers.

Many of the organizations that completed the study indicated that they need guidance and assistance with payments strategy, including information on faster payments key players and how faster payments work. Many also expressed concern that they don’t have the technology in place necessary to implement faster payments and that they are willing to look outside their core provider for products.

For a full copy of the study results, contact your payments association.

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