Consumer demand, technological innovation and the evolution of the payment service provider landscape are driving faster payments adoption in the U.S., according to Fiserv Vice President of Payments Strategy and Solution Consulting Deva Annamalai.
Yet when it comes to corporate transactions, the payments landscape is full of hurdles.
“Checks are still being used by many businesses to pay employees or send funds, such as claims payments, to consumers,” Annamalai explained in PYMNTS’ latest Faster Payments Tracker.
Faster payments are far from ubiquitous, especially in the B2B landscape. But as demand continues to rise, in areas like gig worker payouts and faster payroll transactions, businesses are beginning to see significant value in faster and real-time payments capabilities.