The financial services industry is aligning resources behind the development of faster payment services and beginning to launch products that have a faster payments component. Mercator Advisory Group projects that faster payments in the U.S. will reach $255 billion by year end 2018 considering business-to-business, business-to-consumer, consumer-to- business, and person-to-person channels and all currently available faster payment types including same day ACH.
In a new research report, U.S. Faster Payments Forecast, 2017–2021, Update: The Consequences of Faster Payments Mercator Advisory Group discusses the impact of this initiative on all participants.
“The launch of new solutions and the growth of faster payments in the United States compelled an update to our report earlier their year forecasting the trajectory of faster payments”, comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group and author of the report. This documents will be a touchstone for upcoming reports on adjacent topics including fraud mitigation in the era of faster payment and the role of cryptocurrencies.
This report has 20 pages and 5 exhibits.
Companies mentioned in this report include: Early Warning Systems, Faster Payments Scheme, Ltd., Mastercard, NACHA, The Clearinghouse, Visa, and Vocalink.