Results of The Center for Payments first nationwide survey focusing on the current and future payments environment in the U.S. are in, with more than 700 financial institutions and third-party senders participating in the organizations Future of Payments study. The study examined payments strategy, as well as plans and interest in adopting new technologies such as faster payment solutions.
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 percent 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 percent 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 percent reported using multiple sources of information to drive their faster payments strategy. Only 3 percent relied solely on internal expertise when developing their faster payments strategy.
“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,” said Bill Schoch, president and CEO at WesPay and inaugural chair of the Center for Payments. “Financial institutions are really marshaling 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.”
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.