More than half (59%) of payments stakeholders don't believe the US market is making enough progress toward implementing faster payments, per a report from the US Faster Payments Council (FPC) that polled payments stakeholders including financial institutions (FI), processors, payment network operators, business end-users, acquirers, and fintechs. No respondents feel the US has reached its ideal state regarding adopting faster payments, and 39% said the market is at the beginning of the process, though 50% did report thinking that it's gaining momentum.
Respondents noted a number of key obstacles that may be holding faster payments back in the US.