Instant payments have the potential to transform financial transactions, but gaps remain in adoption across financial institutions (FIs). Nearly all large FIs are connected to these instant rails, such as the RTP® network and FedNow®. Smaller FIs, meanwhile, struggle to keep pace. This gap could result in customers leaving these smaller FIs.
Smaller FIs face unique hurdles. Many smaller FIs that do not offer instant payments lack a business plan or pricing model to do so. In addition, smaller FIs cite concerns about the cost of integration and a lack of resources.
Gaps exist even within FIs that do offer instant methods. While most FIs enable enterprise companies to send instant payments, far fewer offer this option to non-enterprise businesses and consumers. FIs need to attract new customers and retain existing ones. Those that don’t offer instant payments for use cases such as bill payments and person-to-person (P2P) transfers risk losing out.
Inside “Real-Time Readiness: Bridging Gaps in FIs’ Instant Payments
Adoption,” you’ll discover:
- Why smaller FIs lag behind larger FIs in adopting instant systems, and the specific obstacles that contribute to this gap
- The key reasons why FIs are prioritizing certain use cases for instant payments, such as bill payments and P2P transfers
- The discrepancies in instant access for enterprise clients versus non-enterprise businesses and individual consumers
- The different perspectives between larger and smaller FIs regarding the benefits of these payments
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Download the report:
Real-Time Readiness: Bridging Gaps in FIs’ Instant Payments Adoption
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The adoption of instant rails is not uniform across the financial landscape. “Real-Time Readiness: Bridging Gaps in FIs’ Instant Payments Adoption,” a collaboration with The Clearing House, highlights how crucial it is for FIs, particularly smaller ones, to develop a clear plan and invest adequate resources to remain competitive and meet customer expectations. This report is crucial reading for FI decision-makers looking to turn into market leaders.
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