Faster payments is a growing cornerstone of the U.S. payments system. With new faster payments developments, increasing use of current faster payments platforms, and a growing desire from end users for faster and more seamless transactions – much of which has been accelerated by the COVID-19 pandemic – faster payments is gaining momentum.
Read the results of this year’s revealing survey.
With the attention now given to interoperability, and the fact that both the 2019 and 2020 Faster Payments Barometer studies showed more than 70 percent of stakeholders think achieving interoperability is important, the conversation is shifting from “is it necessary” to “why it’s necessary and how do we get there.”
The latest Glenbrook research offers a number of reasons for the “why,” citing benefits such as enhanced customer experience, increased competition, improved operating efficiency, and reduced risk. But ultimately, the research showed that the overwhelming reason for achieving interoperability is to get us to ubiquity.
