Faster Payments for Community Banks and Credit Unions: Market Overview

Community banks and credit unions that do not have a faster payments strategy will find themselves at a disadvantage.

Boston, September 29, 2020 – Although consumers and businesses are showing demand for faster payments, development of the faster payments rails is fragmented, and broad market adoption remains elusive. With more than 10,000 FIs across the U.S. and new nonbank payments providers emerging almost daily, it is vitally important for the industry to consider the needs of community banks and credit unions in the next evolution of faster payments.

This Impact Report, part one of a two-part series, examines the current state of faster payments in the U.S. for community banks and credit unions. It is based on Aite Group’s quantitative study of 117 community banks and credit unions. The survey was conducted online in Q2 2020 among community bank and credit union executives who have responsibility for their FI’s faster payments strategy and who are knowledgeable of the payment volumes for their FI’s payment product offerings.

This 42-page Impact Report contains 31 figures and eight tables. Clients of Aite Group’s Wholesale Banking & Payments or Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Amazon, Bank of America, Capital One, CashApp, Early Warning Services, ExcheQ, Facebook, Fiserv, FIS, Google, Jack Henry, JP Morgan Chase, Mastercard, PayPal, Payveris, PNC Bank, Q2, Shazam, Square, The Clearing House, Truist, U.S. Bank, Uber, Venmo, Visa, and Wells Fargo.

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