Growth of faster payment methods is outpacing legacy payment types like ACH, wire, and paper checks. Faster payments enable businesses to improve their cash flow, reduce operational costs, and enhance customer satisfaction. However, not all financial institutions (FIs) can offer real-time capabilities to their clients, creating a competitive gap in the market. FIs that want to stay relevant and meet the needs of their customers need to invest in faster payment solutions and infrastructure.

This report aims to help FIs understand the market landscape, the importance of real-time payments, and offers advice on how to contend with the many hurdles to payment modernization that FIs must overcome to stay competitive and relevant in the market. This report draws upon data from three Datos Insights research efforts: 1) a Q3 2023 online survey of 1,037 employees of midsize and large organizations in 11 North American, European, and Asia-Pacific countries, 2) a Q1 2023 survey of 108 global bank payments and product executives in North American, European, and Asian-Pacific countries, and 3) a Q4 2022 study of 15 payment hub vendors. The report also leverages past Datos Insights research, wide-ranging conversations with industry experts and practitioners, and the author’s extensive market knowledge.

Clients of Datos Insights’ Commercial Banking & Payments service can download this report.