Even if you aren’t hearing the words “faster payments” or “instant payments” directly from your customers, trends and research show the demand is there – and rising. Recent Federal Reserve surveys reveal growing interest in faster payments

According to the Federal Reserve, nine in 10 businesses (or 29.25 million) expect to be able to send and receive instant payments by 2023. Fortunately, in many cases, community-based financial institutions have begun the process to meet these needs.

Consumers and businesses are increasingly using payment platforms that allow them to pay or transfer money faster than ever before, with U.S. faster payments transactions topping $900 billion in 2020.