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US financial institutions anticipate faster payments demand

Most financial institutions (FIs) across the US are already experiencing a demand for faster payments, or expect one to emerge shortly, according to a survey from the newly-launched Center for Payments.

However, responses suggest that of more than 700 FIs and third-party senders canvassed, only one in three currently have a payments strategy in place to help set payment priorities, inform decision making and focus resources.

The Center for Payments was established last month by 11 US payments associations representing over 10,000 FI members, businesses and stakeholders, as part of a programme to advance the payments industry through joint development of market intelligence and thought leadership.

The survey found respondents often unsure about their overall readiness for the faster payments evolution and 56% report using multiple sources of information to drive their strategy.

Results also suggest that core systems providers stand to lose market share to third-party vendors. Only 55% of respondents are confident core-providers will provide the products necessary to respond to payments industry changes and 76% are willing to use a third-party vendor for additional products and services.

“These findings reinforce that US FIs are quickly realising that faster payments solutions are becoming mainstream and they are actively preparing for the opportunities and challenges these solutions present,” commented Bill Schoch, chair of the Center for Payments.

RTP solution launched

Separately, the UK payments systems specialist Iliad Solutions has announced the launch of a new test solution which will reduce costs and make it simpler to develop and deploy systems to operate with the US real-time payments (RTP) network developed by The Clearing House (TCH).

Leeds-based Iliad says the solution is pre-configured to virtualise all elements of the RTP network and support thorough testing for any financial institution or gateway services provider ahead of certification to TCH’s requirements for the RTP network.

 

“This launch allows members to test their ability to exchange RTP messages without making mistakes, at a time when so much needs to be learned so quickly,” said Anthony Walton, CEO at Iliad Solutions. “The technology is constructed on a virtualised testing platform used by some of the world’s leading financial institutions and card schemes. Testing and innovation for the RTP network has never been simpler.”


This item appears in the following sections:
Cash & Liquidity Management
Cash & Liquidity Management in North America
Payments - Making
Paying Suppliers
Urgent/Instant mPayments
Region
North America

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