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Green Sheet: U.S. Faster Payments Council issues new report

Green Sheet, July 29, 2022, U.S. Faster Payments Council issues new report

The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today published a new industry resource, Faster Payments and Financial Inclusion white paper. Sponsored by PSCU, the FPC Financial Inclusion Work Group developed the paper which identifies eight areas of pain points, or barriers, to the use of faster payments for families and small businesses who face shortages of time and cash.

“Unlike most of the literature on faster payments, this report takes the view of the underserved consumer,” said Adam Rust, Senior Policy Advisor at the National Community Reinvestment Coalition and Financial Inclusion Work Group Vice Chair. “It explains how slower payments can create challenges for cash-strapped consumers and shows how faster payments could make for a more inclusive banking system. It also issues a clarion call to financial institutions, emphasizing that banks and other payment providers must consider the needs of low-wealth households when they design new services, and making clear that fraud protections are a precondition of reaching widescale adoption.”

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