Press Announcements
The Center for Payments™ Announces First National Survey Results
Findings to Aid Members in Preparing for Evolving Payments Landscape
SAN FRANCISCO, CA (May 6, 2019) – Today, at NACHA’s Smarter. Faster. PAYMENTS conference, The Center for Payments™ announced the results of its first nationwide survey focusing on the current and future payments environment in the United States. Over 700 financial institutions and Third-Party Senders participated in the Readiness for Faster Payments in the U.S. Study which examined payments strategy, as well as plans and interest in adopting new technologies such as faster payment solutions. Full findings of the survey results will be available only to members of the eleven participating payments associations.
Study results indicate that financial institutions of all sizes need guidance with developing their payments strategy, timely information on faster payments, and insights to emerging faster payments solutions. An overwhelming 85% of the organizations surveyed either currently experience a demand for faster payments or expect to experience demand in the next one to two years. Despite the projected demand for faster payment solutions, only 34% of respondents currently have a payments strategy in place to help set payment priorities, inform decision making and focus resources.
In addition, those surveyed feel challenged to keep up with the quick evolution in this industry. Generally speaking, respondents are unsure about their overall readiness for the faster payments evolution and 56% reported using multiple sources of information to drive their faster payments strategy. Only 3% relied solely on internal expertise when developing their faster payments strategy.
The survey results also indicated that core systems providers stand to lose market share to third-party vendors. Only 55% of the organizations responded are confident core-providers will provide the products necessary to respond to payments industry changes and 76% are willing to use a third-party vendor for additional products and services.
“These findings reinforce that U.S. financial institutions are quickly realizing that faster payments solutions are becoming mainstream and they are actively preparing for the opportunities and challenges these solutions present” says Bill Schoch, President & CEO at WesPay and inaugural chair of the Center for Payments. “Financial institutions are really marshalling internal and external resources to ensure an ‘all hands-on deck’ approach with their faster payments planning and execution. This is a role in which the payments associations are prepared to support our members.”
Payments professionals attending NACHA’s Smarter. Faster. PAYMENTS 2019 conference can learn more about the survey results tomorrow, May 7, 2019 at 9:50 a.m. ET during the Are Financial Institutions Prepared for Change? session in the Smarter, Faster Payments Zone or by visiting The Center for Payments in the NACHA exhibit hall (booth #513). An infographic and high-level survey results can also be found at www.centerforpayments.org. For complete survey results, organizations should contact their payments association. The Center for Payments plans to continue efforts of making actionable data needed to improve and grow payments capabilities available to their members.
Contact us at info@centerforpayments.org and follow us on Twitter (@Center4Payments).
Payments Associations Launch Center for Payments™
Collaborative Program Strives to Prepare Members for Evolving Payments Landscape
SAN FRANCISCO, CA (April 16, 2019) – Eleven payments associations representing over 10,000 financial institution members, businesses and stakeholders, today announced a new program to advance the payments industry through joint development of market intelligence and thought leadership. The participating payment associations–ePayResources, EPCOR, MACHA, NEACH, PaymentsFirst, SHAZAM, Southern Financial Exchange, The Clearing House Payments Authority, UMACHA, WACHA and WesPay–span all 50 states and U.S. territories, and form a nationwide network of payments professionals.
The Center for Payments™ was formed with the common belief that dynamic changes in the payments industry requires improved insights to aid payment systems participants and help inform decisions to evolve and grow payments capabilities. By developing and gathering market intelligence, the Center for Payments will generate actionable data for decision-making that can be used by all members of the participating associations, especially small and mid-sized financial institutions that may not have access to this type of market intelligence.
In addition to market intelligence, The Center for Payments will actively engage with industry partners and rule-making organizations, such as ECCHO, The Clearing House, the Federal Reserve Financial Services, NACHA and others, to inform the direction of payments changes and to jointly develop the staffs of the participating associations to assure that these associations maintain their reputation as experts across existing and emerging payment systems.
“Participants in U.S. payment systems frequently turn to trusted partners when investing in a new payment network or technology platform,” said Bill Schoch, inaugural Chair of the Center for Payments and President & CEO of WesPay. “This is a significant role each of the eleven payments associations collaborating on the Center for Payments have provided for more than 40 years. By working cooperatively in gathering market intelligence and advancing our teams, the Center for Payments will generate new expertise that will facilitate payment systems modernization.”
The Center for Payments is finalizing the results of its first nationwide market study examining payments strategy and the intersection of faster payments in the U.S. The results will be announced on May 6, 2019. Similar studies are being considered in the future.
For more information on the Center for Payments, visit www.centerforpayments.org or Booth #513 at NACHA’s Smarter. Faster. PAYMENTS 2019 conference May 6-8 in Orlando, Florida.
About The Center For Payments
The Center for Payments is a cooperative program sponsored by eleven payments associations with the purpose of helping members and staff better prepare for the continued evolution in U.S. payment systems. Current participants in the program include ePayResources, EPCOR, MACHA, NEACH, PaymentsFirst, SHAZAM, Southern Financial Exchange, The Clearing House Payments Authority, UMACHA, WACHA and WesPay. These associations represent over 10,000 financial institution members, businesses and stakeholders with an interest in U.S. payment systems. www.centerforpayments.org
Contact us at info@centerforpayments.org and follow us on Twitter (@Center4Payments).