Instant Payments in the U.S.: How to Seize the Opportunity

Instant payments in U.S. have evolved into a critical component of the payments landscape, driven by growing demand from businesses for faster payment processing. This change is largely fueled by the demand for quicker, more convenient, and secure payment methods which is increasing year on year. To compete with other FIs as well as fintechs that are already offering robust instant payment capabilities, FIs need to prioritize modernization efforts to meet the requirements to successfully operate in a 24x7x365 instant payments environment. This report helps FIs to understand their business customers’ instant payment need and fundamental considerations on this journey. The key findings include:

Over 90% of businesses are investing significantly in payments technology.
90% of businesses recognizing the importance of instant payments.
42% of businesses are switching their financial service providers to support. instant payments.
80% of businesses consider the chance to enhance customer experience as the most appealing aspect of instant payments.
Modernizing AML and fraud tools is essential for FIs to handle increased risks associated with instant payments.
Payments-as-a-Service (PaaS) is a key strategic component of modernization.

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