- What is holding Faster Payments back in the US and how much progress can be attributed to open banking and the ISO 20022 standard?
- Which applications of Faster Payments in the UK are transferrable to the US? With RtP and FedNow, how much choice is too much choice?
- What evidence is there that the financial services industry is at a tipping point and technology must be leveraged to ramp up adoption?
2024 saw the US Faster Payments Council (FPC) release reports on how to adopt and implement ISO 20022 and distinguishing advantages in the standard for instant payment adoption. A month later saw the BIS Committee on Payments and Market Infrastructures (CPMI) also publishing two reports on recommendations on the interlinking and interoperability of payment systems to enhance cross-border payments. Around the same time, the UK’s FCA consulted on potential legislation that would enable payments services providers to delay making a payment where there is grounds to suspect fraud.
It is no understatement that Faster Payments is a topic that is on the minds of many, across industries and across countries. Financial institutions are indeed investigating and exploring Faster Payments, but there are numerous inclusion painpoints that need to be addressed before these can be offered. Only 56% of respondents currently offer faster payments, with an additional 35% planning to do so, according to the FPC. In addition to inclusion, education is also in desperate need of improvement – for both consumers and leaders within banks, merchants, companies, and regulators.
Yes, consumers need better user experiences, accessibility provided to all demographics, and better collaboration between stakeholders, but how much choice is too much choice? What are the real applications of Faster Payments? What are the similarities between wires, ACH and Faster Payments? What is the role of RtP and FedNow? Find out what 2025 has in store for Faster Payments here.
Sign up for this Finextra PREDICT 2025 webinar to join our panel of industry experts who will explore what is holding Faster Payments back in the US.