SAN FRANCISCO– Three quarters of the 120 financial institution respondents to a new survey say they intend to adopt the FedNow Service, while 50% plan to utilize the RTP (Real-Time Payment) Service.
FedNow is the Fed’s new instant payments solution.
“While most respondents expect to adopt Instant Payments, the timeframe remains uncertain,” according to WesPay, which conducted the survey. “Approximately 43% of respondents have yet to finalize a target date for going live and many of the 19% who initially planned to implement instant payments this year are waiting for critical prerequisites such as technical capabilities from core providers.”
Wespay said it conducted the survey to gain insights into service preferences, intended timelines, and support requirements for instant payments adoption.
4 Areas Where Support is Needed
According to Wespay, the survey responses also indicate four areas where additional member support is needed:
- Fraud Mitigation. “Fraud is members’ top concern, and Wespay is working with members and network operators to define threats and mitigating actions to bolster confidence.” Wespay said member Town Halls will be offered throughout the year and will include discussions on Instant Payments fraud, while a new publication, the Wespay Instant Payments Readiness Guide, will be published in late-June 2023 and include guidance on fraud identification and prevention.
- Operational and Risk Management Sound Practices. “Wespay members are seeking access to services and resources to control their operating environment more effectively. The Wespay Instant Payments Readiness Guide will provide insights into network requirements, process flows, settlement, and operational sound practices,” the organization said.
- Use Case Definition: Wespay said its members are exploring potential use cases for instant payments and a comparison with legacy payment channels. Wespay added it has launched the Instant Payments Insights Briefings, a semi-monthly member communication designed to introduce foundational Instant Payments, including use cases, and that its Wespay Town Halls will include interactive sessions for members to explore use cases that hold significant potential with immediate funds movement.
- Staff Education. Wespay reported its FI members are seeking access to training, expertise, and tools to operate with confidence, and that it recently launched the Wespay Instant Payments Resource Center
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