CLARKSBURG, Md.—The U.S. Faster Payments Council (FPC) has released an updated State of Play in U.S. Faster Payments report.
The FPC said the new report provides a current view of the market for instant and immediate payments services in the United States, focusing on the various underlying payment networks.
“This report, which will continue to be updated on a periodic basis, focuses on instant and immediate payments networks, those in which the transmission of the payment message and the availability of final funds to the payee occur in real-time or near real-time, and on as near to a 24-hour and seven-day (24/7) basis as possible,” the FPC said.
According to the FPC, The State of Play in U.S. Faster Payments report highlights ways in which consumers and businesses are using faster payments today, and how these applications enable a variety of use cases. The organization said the report breaks down features of the networks, from types of transactions processed (credits vs. debits) to the fraud and risk control measures in place for each.
In addition, it provides a true illustration and understanding of how funds move on the networks, delivering a clear picture of the real-time transactional process, the FPC said.
‘Moving Quickly’
“The faster payments landscape has been moving quickly the past couple years and will continue to evolve at a rapid pace in the coming months as more solutions come to market,” said FPC Executive Director Reed Luhtanen. “Our new report contains profiles of 11 networks, including four additional profiles since the initial report was released in early 2021. The FPC Network Committee determined it was the right time to update this valuable resource for financial institutions and payment service providers in the process of evaluating the available networks that will best meet their needs today and in the future.”
The FPC added that the report has detailed profiles of both core clearing and settlement networks and value-added networks or overlays built on top of core payments infrastructure. Represented in the U.S. Faster Payments Council, these networks include Accel, ExcheQ, FedNow, Junifunds, Mastercard Send, Open Payment Network, RTP Network, SHAZAM, Star, Visa Direct, and Zelle. Subsequent issues of the State of Play in U.S. Faster Payments report will include updates to current networks and additional profiles, as needed, of faster payment networks not represented in the most recent report, the FPC said.
The Very Best in CU Reporting. For You. For Free. Or Your Money Back.
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.