There has been a significant increase in the number of real-time payments in the US, with 68 per cent of financial firms now offering a real-time payments solution to their customers. Exploring the further potential uptake of the tech in the region, the cloud payments modernisation firm, Volante Technologies has published a new survey detailing the opportunities and challenges real-time payments will face in the US.
The report, titled 2025 U.S. Faster Payments Barometer Report, offers an in-depth analysis of the current state and future trajectory of faster payments in the United States. With the survey of 449 respondents conducted by the Faster Payments Council, Volante Technologies uncovers why there is growing momentum towards faster payments adoption, as well as how different market participants could influence its trajectory.
Focus on fraud prevention
With the rise in faster payments, 72 per cent of institutions have invested in advanced fraud detection and prevention mechanisms to safeguard transactions. As a result, so far only three per cent have seen a rise in significant fraud cases, with the majority only reporting in the moderate category.
In 2023, the majority of organisations supported distributed responsibility across the value chain when it came to fraud prevention responsibility. However, this has now changed as Volante uncovered a strong preference for network-level fraud detection and prevention, indicating that security leaders are leaning into the belief that centralised, sophisticated fraud prevention systems that leverage network-level insights and capabilities are the way forward.
Expansion of cross-border payment capabilities
The report also found that there are some serious challenges facing real-time payment usage in the cross-border space. Non-financial institutions favour cross-border capabilities (76 per cent) much more than their financial counterparts (46 per cent).
Despite the challenges they may face, 54 per cent of surveyed institutions have integrated cross-border functionalities into their faster payment offerings, facilitating seamless international transactions.
Growing importance of third-party service providers
Sixty-one per cent of respondents acknowledge the critical role of third-party providers in accelerating the adoption and implementation of faster payment solutions. In fact, 29 per cent of firms identified third-party software providers as the best way to use bank-developed connectivity technology.
