A new report from the US Faster Payments Council (FPC) underscores the critical need for enhancing financial inclusion through faster payments. According to the survey, which included responses from 88 financial institutions—spanning banks, credit unions, payment providers, and businesses—56% currently offer faster payments, while 35% plan to implement them soon.
Financial Inclusion Pain Points
The FPC’s report highlights several ‘pain points’ that need addressing to ensure financial inclusivity with faster payments. The survey revealed a need for better consumer education about faster payment options, enhanced user experience, and improved accessibility across demographics. Additionally, fostering better collaboration between stakeholders is crucial for building a more inclusive payment ecosystem.
Commitment to Inclusivity
FPC Executive Director Reed Luhtanen emphasized the organization’s dedication to fostering an inclusive financial ecosystem:
“The FPC is committed to helping foster an inclusive financial ecosystem. This survey report provides valuable insights that will guide our members in creating faster payment solutions that truly serve the needs of all consumers, leading to a more equitable financial landscape.”
Insights from Industry Leaders
Anthony Serio, Chief Risk Officer at Sphere Labs and Chair of the FPC Financial Inclusion Work Group, noted:
“Our latest survey reveals promising progress in the adoption of faster payments across a diverse range of financial institutions. The survey highlighted concerns related to fee variability, cross-border payment capabilities, and the essential need for stronger consumer protections and trust-building measures. Our mission moving forward is clear: to ensure that faster payments evolve not just in terms of speed and efficiency, but also become truly inclusive, addressing the needs of all Americans comprehensively.”
David True, Partner at PayGility Advisors and lead of the FIWG Survey Subgroup, added:
“While financial institutions are beginning to engage with faster payments, their efforts to ensure financial inclusion are in the early stages. Our survey identifies the critical areas where institutions must focus to ensure that faster payment solutions are accessible and beneficial to all, especially the unbanked and underserved populations.”
Moving Forward
The FPC’s findings illustrate that while there is significant progress in the adoption of faster payments, much work remains to ensure these solutions are inclusive and accessible to all Americans. As financial institutions continue to integrate faster payments, a concerted effort towards enhancing financial inclusivity will be essential in creating a truly equitable financial landscape.
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