CLARKSBURG, Md.—The US Faster Payments Council (FPC) has released the Faster Payments and Financial Inclusion survey report, which among other findings identifies “pain points” around faster payments and financial inclusion.
This survey, conducted in the third quarter of 2023, explores the readiness and preparation of financial institutions to implement faster payment solutions and their impact on financial inclusion, the FPC said.
The industry survey, developed by the FPC Financial Inclusion Work Group (FIWG), aimed to identify the commercial and product features necessary to enhance financial inclusion through faster payments.
“With 88 respondents, including banks, credit unions, payment providers, and businesses, the survey report sheds light on the current state of faster payments integration and the efforts needed to ensure these solutions are inclusive for all Americans,” the FPC stated.
‘Promising Progress’
"Our latest survey reveals promising progress in the adoption of faster payments across a diverse range of financial institutions, including banks, credit unions, and payment providers said Anthony Serio, chief risk officer at Sphere Labs and FPC Financial Inclusion Work Group (FIWG) chair, said in a statement. "The survey highlighted concerns related to fee variability, cross-border payment capabilities, and the essential need for stronger consumer protections and trust-building measures. Our mission moving forward is clear: to ensure that faster payments evolve not just in terms of speed and efficiency, but also become truly inclusive, addressing the needs of all Americans comprehensively."
According to the organization, 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 "pain points."
Only 56% of respondents currently offer faster payments, with an additional 35% planning to do so, the survey found.
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