NEW YORK—As the U.S. banking industry moves toward embracing real-time payment systems, a new survey has underscored the importance of several issues, according to a report.
Those issues include the importance of strategic planning, the challenges faced by legacy systems, and how “collaborating with trusted partners can help organizations navigate this transformative journey,” Payments Journal reported.
The fourth annual survey from the U.S. Faster Payments Council, Glenbrook and Volante, is based on input from 427 market participants, 60% of whom work for a financial institution or a facilitator, according to the organizations.
High Level of Satisfaction
This year’s survey recorded the highest level of satisfaction with the industry’s progress toward the adoption of faster payments. Across the industry, 51% of respondents—including 61% of financial institutions—say they are satisfied, Payments Journal said.
According to the report, the most significant development in real-time payments has been the introduction of FedNow in July 2023. That followed the launch of Nacha’s Same Day ACH in 2016 and The Clearing House RTP Network in 2017, Payments Journal noted.
“Among financial institutions, plans for these services are robust, with 88% of the survey respondents saying that they will implement FedNow and/or RTP within the next two years,” Payments Journal reported. “RTP has been implemented more, with 61% of FIs saying that process is underway or complete. FedNow, less than a year old, has been or soon will be implemented by 44% of respondents. Only 12% of the FIs say they plan to wait more than three years to implement these payment services—or won’t implement them at all.”
Future Strategies
The survey also asked about future deployment strategies. For FedNow, 44% said they will support send and receive services initially, with 48% planning to add send services eventually. Only 8% said they will remain a receive-only organization. The figures are similar for RTP: 50% say they will support send and receive services initially, with another 34% adding send eventually. This leaves only 16% expecting to be a receive-only organization long term, Payments Journal said.
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