Businesses are increasingly looking to use faster payments for use cases tied to day-to-day business operations, according to a new Federal Reserve survey. Year over year, the proportion of businesses interested in the following use cases saw the greatest growth:
Other key findings from the survey:
- Among the key faster payment features of greatest interest was the ability to access funds immediately (60%), being notified when a payment arrives (58%) and getting remittance/information (55%).
- Nearly 40% of businesses signaled interest in faster/instant payment options that might reduce the overall costs of financial operations.
- Consistent with last year’s survey, businesses indicated the faster/instant use cases they’re most interested in include payroll, recurring bill payments, internal transfers, and regular or routine payments.
- Nearly nine in 10 businesses expect to be ready to make and support 24x7x365 operational faster payments within the next three years.
How businesses can use and benefit from instant payments
By offering instant payment services, financial institutions can help their business customers better manage cash flow and improve their own services and internal processes. Read this infographic (PDF) to see how instant payments can benefit businesses of all sizes, and visit the FedNow Explorer Use Case Arena (Off-site) for more information on ways businesses can use instant payments.