Some US banks lack awareness of faster payments initiatives

 In News

A survey of 430 financial institutions in the western part of the U.S. revealed low awareness and adoption of faster payments products, according to a press release .

The survey by WesPay, a trade association for electronic payments compliance and operational sound practices, was conducted in February with participation from 430 member banks.

For same-day ACH, a majority (57 percent) of respondents indicated that the September 2016 implementation of faster credits “has had no measurable impact on our customers/members’ transactions.”

Asked about the Federal Reserve Faster Payment Task Force, 34 percent said they were unaware of the initiative and 46 percent indicated that they had only high-level knowledge.

Although low awareness of many current initiatives persists, financial institutions are recognizing that faster payments are the future of the industry. A significant majority (60 percent) of respondents said that faster payments initiatives are “an important development in the industry, however, our institution will be watching to see which platform becomes the standard.”

“There are promising faster payments solutions and significant innovation emerging, but most financial institutions are taking a wait-and-see approach,” Bill Schoch, president and CEO of WesPay, said in a statement. “WesPay has been a leader in aiding financial institutions, third-party payment providers, and services organizations to make strategic payments-related decisions for their organizations, but clearly more work needs to be done at the grassroots level.”

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