In my quest to learn more about the world of faster payments and to become a knowledgeable resource for our NEACH members, I've been availing myself of the resources provided by our friends at the Faster Payments Council (FPC), of which NEACH is a founding member. Some resources are FPC Members only however, many are accessible to anyone seeking more information about faster payments. I encourage you to take a look - https://fasterpaymentscouncil.org/Guides-Research.
Last month, the FPC published a blog titled "Supporting Business End-Users and Faster Payments", outlining what was learned in the 2021 Faster Payments Barometer – a study that surveyed nearly 400 organizations from various industry sectors on progress and perceptions around faster payments, use cases and trends, and challenges to industry adoption.
In a nutshell –
Of the organizations surveyed:
- 86% use or enable faster payments
- 84% view faster payments as a "must have"
- 85% are planning to implement at least one additional faster payments system within the next two years
- 96% believe interoperability is somewhat to very important.
Top challenges for businesses surveyed:
- 54% cite lack of provider support as their greatest challenge
- 46% indicate lack of ubiquity/interoperability is a top challenge
- 42% name high upfront costs/implementation complexity
You can read the full blog post and the 2021 Faster Payments Barometer by clicking the links below. How do you think the experiences and perceptions of the organizations surveyed line up with those of your business customers?
From the Faster Payments Council:
The energy behind faster payments is growing. But how satisfied are the current end-users, particularly businesses, with the state of faster payments? The Faster Payments Council explored this topic in its latest resource, the Business End-User Satisfaction with Faster Payments Momentum Report, a qualitative follow-up to some of the findings in the 2021 Faster Payments Barometer. On the heels of Small Business Month, it is an ideal time to ensure we fully understand and can address the needs of this important audience. To learn more about the high-level takeaways and encouraging outcomes from the research, read their latest blog post: Supporting Business End-Users and Faster Payments.
AUTHOR: Mary Mumper, AAP, CAMS
As NEACH’s Director of Education, Mary Mumper supports education initiatives, with a specific emphasis on enhancing NEACH’s payment innovation offerings. Connect with Mary to read more of her blogs, articles, and posts.