Chart of The Week: A Changing Business Environment Illustrates the Need for Flexible Payment Options

In the second half of 2022, the Federal Reserve commissioned a survey of 2,000+ businesses to find out their payment needs and interest in and readiness for “faster and instant payments.” The study found that 3 out of 4 businesses indicate it is important that their financial institution offers faster payments. That number jumps to ninety percent for larger businesses. Ninety percent of businesses indicate they will be ready for 24/7 support of faster/instant payment services within three years, with an equal number indicating it should take them 12 months or less to implement.

Other key findings from the study include:

Source: https://fedpaymentsimprovement.org/wp-content/uploads/051823-business-research-brief.pdf