Billions of dollars are caught up in non real time ACH money transfers all over the world, however that is all set to change as market experts believe that real time ACH payments will become a reality in the U.S within the next two years, according to a recent survey by ACI Worldwide.
The survey of 120 financial industry professionals was conducted by ACI Worldwide at the annual NACHA Payments Conference in Orlando on April 7-8, 2014.
Momentum for Real-Time Payments Growing:
Momentum for faster payments has been accelerating. Just this year, the Fed issued a paper calling for the U.S. to adopt a real-time payment system within 10 years. The results of ACI’s latest survey highlight that the majority of industry professional respondents believe this vision can and will be achieved in far less time.
“When you look at payment innovation ranging from EMV to real-time, single message payments, the U.S. has been playing catch-up to many other developed markets,” said Matt Ellis, Senior Vice President, ACI Worldwide. “But as our data shows, the industry is positive that we are moving in the right direction and will see adoption quite quickly.”
Such a sentiment was echoed by 86 percent of respondents who cited the significant value that would be gained by adopting real-time payments.
Are Payments Professionals Uncomfortable with Mobile?
Interestingly, ACI’s survey found that more than one in four (27 percent) respondents have not made a payment through their mobile device, somewhat surprising given that those surveyed are the same professionals pushing forward the ‘mobile revolution.’ Of those who had made a mobile payment, the majority used an app to execute the transaction.
Social Media’s Significance:
The role of social media within the banking sector has continued to grow. And most recently, it was reported that Facebook is close to gaining approval from Ireland’s central bank to allow its users to store and exchange money. Despite its continually increasing role, more than one third (36 percent) of respondents rated social media’s importance for banking as neutral to not important (Note: This survey was conducted before this latest Facebook news).
About ACI Worldwide
ACI Worldwide, the Universal Payments company, powers electronic payments and banking for more than 5,000 financial institutions, retailers, billers and processors around the world. ACI software processes $13 Tn in payments and securities transactions for more than 250 of the leading global retailers, and 21 of the world’s 25 largest banks.