Where do you stand on instant payment implementation compared to your peer institutions?
The digitization that began during the pandemic to meet customers’ and members’ needs has since become the gold standard for financial services. With demand from consumers and businesses for faster payments firmly established, financial institutions recognize the need to act, but where do they stand on implementation planning?
To find out, the Center for Payments, a collaboration of ten Payments Associations helping their members keep pace with the continued evolution of U.S. payment systems, launched a nationwide survey earlier this year to assess FIs’ readiness for and interest in instant payments.
Each Payments Association met with and gathered input from various segments throughout the United States. Discussing everything from challenges to expectations and opportunities, FIs got granular on what they expect – and need to prepare for – in today’s instant payments era. Fraud concerns and core processor readiness were cited as top challenges by responding institutions.
More than 40% of survey participants are either already live or intend to go live with instant payments in 2023 or 2024, suggesting that instant payments are a high short-term priority for most participating financial institutions. However, almost 39% remain unsure of timing, indicating a longer horizon for implementation for many FIs.
Where do you stand competitively with your peer institutions, what concerns do you share, and what approaches to RTP® and FedNow® do they plan to use in the next one to three years? Contact your Payments Association to get access to the full report and support getting started in your instant payments journey. See a complete listing of the Payments Associations and find out more about the Center for Payments at centerforpayments.org.
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