Reed Luhtanen, Executive Director, FPC
In February, the FPC, in partnership with Glenbrook Partners and Volante Technologies, officially launched the 2023 Faster Payments Barometer Survey. It’s always such an exciting time for the FPC, as we like to look at the Barometer as a measurement of what, we, as an organization, and as an industry, have been able to accomplish with respect to faster payments advancement.
In the last survey, we were thrilled with so many of the results. We witnessed great strides. For instance, we saw faster payments adoption increase nearly 10 percent from the previous year. We also saw more organizations adding to their faster payments arsenals with 85 percent on track to implement at least one additional faster payments system to existing infrastructure. But while we achieved gains, the results showed there are still challenges, such as costs and complexity, as well as a lack of interoperability (which 96 percent of organizations feel is somewhat to very important to achieve for faster payments success), among others. And it was these challenges that impacted industry satisfaction with adoption progress, which decreased six percentage points.
While it’s easy to revel in the positives, the shortcomings - while disappointing - oftentimes provide a roadmap for the future. And that’s, why regardless of the outcome, the FPC is eager for the 2023 Faster Payments Barometer.
This year, to take stock of how the industry has evolved, we have introduced some new questions. Of course, we’re looking for input on some of our traditional questions around the criticality of interoperability, progress towards faster payments, challenges to adoption, and more. But this year, we also are requesting industry perspectives on the use of RTP® and FedNow℠ and plans for connecting to the systems, as well as investigating organization’s strategies for RTP’s cross-border payments functionality and whether or not FedNow should offer such functionality. Additionally, we’re seeking feedback on the top value-added services the industry believes can speed market adoption, such as eCommerce; smart routing; services that support recurring, automatic payments; and others. We’ll also solicit input on fraud and the types of fraud that are most concerning in faster payments. These new questions will provide valuable insight into current adoption trends and practices, as well as inform faster payments priorities to ensure continued progress.
So, if you couldn’t tell, we are looking forward to what is to come. And we hope you are too. We invite you to complete the Faster Payments Barometer survey if you have not already done so. You can access the survey here. It should only take about 10 minutes of your time, but will have lasting significance and impact on faster payments. And the more participation, from broad and diverse industry stakeholders, the stronger success of the survey and greater relevance of the results. But if that doesn’t win you over, there’s one more added benefit. If you complete the survey, you can enter the Faster Payments Barometer Sweepstakes to be eligible to win a $150 Gift Card. So, be sure to get those surveys in. The deadline to submit is March 22.
It really is such a great time to be part of faster payments. We thank you for sharing in our excitement, and helping us pave the way for more exciting times to come.