Infographic: 2023 Faster Payments Barometer: A look at today’s faster payments perceptions, trends, and practices

New Study Indicates the Market Prefers Faster Payments; FedNow℠ and RTP® Gaining Momentum.

The latest survey of payments system stakeholders was conducted to gauge progress and perceptions around faster payments, trends, use cases, and challenges in the United States.

The 2023 Faster Payments Barometer survey was broadly circulated to the industry at large and received hundreds of responses from a wide range of payments stakeholder segments including financial institutions, core processors, payment network operators, business end users, acquirers, fintechs, and more. The survey was conducted from February 14 to March 22, 2023.

The 2023 Faster Payments Barometer survey indicates that implementation of faster payments is gaining momentum in the United States. The survey received hundreds of responses from various payment stakeholders, and 44% are implementing FedNow℠, 62% are implementing or in the process of implementing RTP®, 77% have implemented or in the process with Zelle®, and 85% have implemented or in the process with Same Day ACH.

The top use cases for faster payments include person-to-person payments, disbursements, and bill pay. However, challenges remain, with respondents citing a lack of ubiquity/interoperability, high upfront costs/complexity, and a lack of common rules/standards as the top obstacles.

Download your free copy to learn more about the progress and perceptions around faster payments, trends, use cases, and challenges in the United States.