U.S. Faster Payments Council Publishes New State of Play in U.S. Faster Payments Report
The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, has released an updated State of Play in U.S. Faster Payments report. Developed by the FPC Network Committee, the 2022 report is now available for download in the FPC’s Faster Payments Knowledge Center.
The new State of Play in U.S. Faster Payments report provides a current view of the market for instant and immediate payments services in the United States, focusing on the various underlying payment networks. This report, which will continue to be updated on a periodic basis, focuses on instant and immediate payments networks, those in which the transmission of the payment message and the availability of final funds to the payee occur in real-time or near real-time, and on as near to a 24-hour and seven-day (24/7) basis as possible.
“The faster payments landscape has been moving quickly the past couple years and will continue to evolve at a rapid pace in the coming months as more solutions come to market,” said FPC Executive Director Reed Luhtanen. “Our new report contains profiles of 11 networks, including four additional profiles since the initial report was released in early 2021. The FPC Network Committee determined it was the right time to update this valuable resource for financial institutions and payment service providers in the process of evaluating the available networks that will best meet their needs today and in the future.”
The State of Play in U.S. Faster Payments report highlights ways in which consumers and businesses are using faster payments today, and how these applications enable a variety of use cases. The resource breaks down features of the networks, from types of transactions processed (credits vs. debits) to the fraud and risk control measures in place for each. In addition, it provides a true illustration and understanding of how funds move on the networks, delivering a clear picture of the real-time transactional process.
The report has detailed profiles of both core clearing and settlement networks and value-added networks or overlays built on top of core payments infrastructure. Represented in the U.S. Faster Payments Council, these networks include Accel, ExcheQ, FedNowSM, Junifunds®, Mastercard Send, Open Payment Network®, RTP® Network, SHAZAM, Star, Visa Direct, and Zelle®. Subsequent issues of the State of Play in U.S. Faster Payments report will include updates to current networks and additional profiles, as needed, of faster payment networks not represented in the most recent report.
In addition to the Network Committee’s latest report, several new white papers have recently been published by the FPC’s Work Groups including Faster Payments and Financial Inclusion, QR Codes for Faster Payments, Beneficial Characteristics of Real-Time Recurring Payments, and the 2021 Faster Payments Fraud Survey and Report. All of these resources, and more, are publicly available in the Faster Payments Knowledge Center.
The FPC prioritizes inclusion of diverse perspectives in tackling complex topics such as interoperability, identifying real-world solutions that can ease adoption of faster payments, managing security risks and fraud threats, addressing barriers to financial inclusion and cross-border payments, and more, as the organization paves the way toward a future of faster payments for all.
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