The US Faster Payments Council (FPC) has reported on instant recurring payments. A comprehensive needs assessment offers strategic insights into the implementation of instant recurring payments, focusing on the unique perspectives of consumers, businesses, and financial institutions.
The research is spearheaded by the FPC Real-Time Recurring Work Group (RTRWG), sponsored by BNY Mellon. The report delves into key components essential for the successful deployment of instant recurring payments. It highlights the importance of features such as Request for Payment (RfP) and standing approval. And it provides a robust foundation for seamless and secure transactions in the dynamic landscape of instant payments.
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“Instant recurring payments represent a significant evolution in the payments landscape, offering unprecedented speed, convenience, and security,” said Josh Karoly, Director of Payments at Netflix and FPC Real-Time Recurring Work Group Chair.
Report lays the groundwork for adoption and innovation
“Our report aims to address the diverse needs and expectations of consumers, businesses, and financial institutions.”
The report outlines key considerations for stakeholders. These include the ease of sign-up and use, support for notifications, flexibility in managing scheduled payments, and robust security measures. By addressing these critical areas, it aims to pave the way for the broad adoption of instant recurring payments, benefiting consumers, businesses, and financial institutions alike.
“Bringing together various contributors was key to crafting an extensive roadmap for instant recurring payments,” said Andrew Gómez, Director at Lipis Advisors and Vice Chair of the Real-Time Recurring Work Group.
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By GlobalData“Through collaboration and research, our work group prioritised user-friendly features, flexible management options, and security measures. This report not only outlines the challenges. It also offers modern solutions to create a streamlined and reliable process for all participants.”
