U.S. Faster Payments Council Publishes Industry Bulletin on Financial Inclusion for Cross-Border Remittances and Bill Payment

For Immediate Release

Feb. 23, 2024 – The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today released its latest industry resource, titled Financial Inclusion for Cross-Border Remittances and Bill Payment. Developed jointly by the FPC Financial Inclusion and Cross-Border Payments Work Groups, this bulletin addresses critical issues surrounding financial inclusion and cross-border payments.

Financial Inclusion for Cross-Border Remittances and Bill Payment provides a comprehensive analysis of the current landscape of cross-border remittances and bill payments, highlighting the challenges faced by underserved communities. It explores the state of global financial inclusion, identifying persistent hurdles despite significant progress over the past decade. Additionally, the report outlines key pain points associated with cross-border transactions, including issues of trust, cost, speed, transparency, and ease of access.

“Financial inclusion in faster payments requires more than just an available product,” said Gail Hillebrand, Chair of the FPC Financial Inclusion Work Group. “Financially inclusive products must build trust, make user costs transparent, be usable and affordable with or without a bank account, have strong security for money and data, be designed to prevent mistakes, and provide remedies for losses from fraud and mistake. Faster payments that are designed to be safe and affordable can contribute to increased financial inclusion.”

In addition to examining challenges, the bulletin also presents strategies and recommendations for improving financial inclusion through faster cross-border payments. It outlines how faster payments can streamline the process of sending money for utility bills, subscriptions, insurance premiums, credit cards, loans, and other recurring expenses.

“The intersection of financial inclusion and cross-border payments is significant because it addresses the challenge of enabling individuals and businesses in underserved or remote areas to participate in the global economy,” said Barry Tooker, Principal at TransactionBanker.com and Chair of the FPC Cross-Border Payments Work Group.

Furthermore, the bulletin explores the potential of faster payments in facilitating person-to-person transactions within family financial networks, offering greater security and flexibility to underserved individuals.

"Faster payments offer a pathway to greater financial inclusion by providing individuals with faster, more transparent, and accessible payment options,” said FPC Executive Director Reed Luhtanen. “Through the joint efforts of our Financial Inclusion and Cross-Border Payments Work Groups, this bulletin emphasizes the critical importance of addressing cross-border transaction challenges and highlights the value of collaborative endeavors in advancing financial inclusion.”

The publication of Financial Inclusion for Cross-Border Remittances and Bill Payment represents a significant step forward in the FPC's mission to advance faster payments for all. By addressing the unique needs of underserved communities, the FPC and its Work Groups are committed to fostering a more inclusive and accessible financial system.

For more information on the FPC, its current work efforts or to join, visit FasterPaymentsCouncil.org.

Elizabeth Grice 
U.S. Faster Payments Council                             
About the U.S. Faster Payments Council (FPC)
The FPC is an industry-led membership organization whose vision is a world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system. Guided by principles of fairness, inclusiveness, flexibility and transparency, the FPC uses collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country. For more information, please visit FasterPaymentsCouncil.org.

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