Why US adoption of faster payments is so slow

Reprinted with permission of Rimilia

When the Association for Financial Professionals (AFP) carried out their ‘Electronic Payments Survey’ in 2016, it brought to light some interesting results.

Depending where you’re based, you might have thought businesses were moving away from checks (cheques) and opting for the more convenient and quicker ‘faster payments’, but this isn’t quite the case.

Faster Payments

In the UK, the faster payments system has been widely adopted by banks and businesses. The European Union has the Single Euro Payments Area (SEPA) which is allowing EU countries to develop real-time abilities.

As for the US, despite there being various faster payment initiatives set-up, 34% of finance professionals surveyed ‘do not expect it (faster payment) will impact our organization’ with a further 4% actually thinking it might have a negative impact.