Business customers demand faster payments

The Federal Reserve's FedPayments Improvement group reports on a Federal Reserve survey of more than 2,000 businesses that revealed that three of every four businesses now consider it important to offer faster payments, and nine in ten businesses expect to be able to make and receive faster payments within three years – including instant payments, a type of faster payment that credits the payee’s deposit account within seconds of payment initiation.

The survey found that not only were a majority of businesses already using some form of faster payments, but that most expect to be using instant payment options by 2023 or sooner, which coincides with the Federal Reserve’s timeline for the new FedNow Service rollout.