According to a recent report from the US Faster Payments Council (FPC), significant efforts are still required to enhance the financial inclusivity of faster payments products.
The FPC’s report on faster payments and financial inclusion outlines essential features necessary to support broader accessibility. It surveyed 88 respondents from various financial institutions, including banks, credit unions, payment providers, and businesses, to assess the current state of faster payments integration and identify steps needed for inclusivity across the U.S.
The survey findings indicate that, although many financial institutions are beginning to explore and prioritize faster payments, several critical inclusion challenges persist. Currently, only 56% of respondents offer faster payments, while an additional 35% have plans to implement them soon.
Key areas identified for improvement include enhancing consumer education about faster payment options, improving user experience and accessibility for all demographics, and fostering better collaboration among stakeholders. Addressing these issues will contribute to creating a more inclusive payment ecosystem.
FPC Executive Director Reed Luhtanen stated, “The FPC is committed to fostering an inclusive financial ecosystem. This survey report provides valuable insights that will guide our members in developing faster payment solutions that genuinely meet the needs of all consumers, leading to a more equitable financial landscape.”
Anthony Serio, Chief Risk Officer at Sphere Labs and Chair of the FPC Financial Inclusion Work Group, noted, “Our latest survey denotes promising progress in the adoption of faster payments among a diverse array of financial institutions. However, it also highlighted concerns about fee variability, cross-border payment capabilities, and the necessity for stronger consumer protections and trust-building measures. Our future mission is clear: to ensure that faster payments not only advance in speed and efficiency but also become truly inclusive, addressing the diverse needs of all Americans.”
David True, Partner at PayGility Advisors and lead of the FIWG Survey subgroup, emphasized, “While financial institutions are starting to engage with faster payments, their efforts to ensure financial inclusion remain in the nascent phases, and much work is still needed. Our survey highlights critical areas of focus for institutions to guarantee that faster payment solutions are accessible and beneficial to everyone, particularly unbanked and underserved populations.”