2023 Industry Survey
The report offers unique insights into the evolving landscape of faster payments from market participants’ interests, plans, and concerns.
The U.S. banking industry’s journey towards faster payments has reached a significant milestone with the introduction of FedNow in July 2023. This development follows earlier milestones, including the launch of NACHA Same Day ACH in 2016 and The Clearing House RTP® in 2017. However, progress has been deliberate, primarily due to the formidable challenges associated with transforming business operations to accommodate a 24/7 model while safeguarding against real-time fraud vulnerabilities.
As the industry propels forward, embracing real-time payment systems, this report underscores the critical importance of strategic planning, challenges with legacy systems, and collaboration with trusted partners who possess the expertise to navigate this transformative journey effectively. The challenges and opportunities inherent in instant payments require a forward-thinking approach, and those who navigate this path conscientiously are poised to reap the rewards of this evolving landscape.