With 56 % of financial institutions adopting faster payment technologies and one in three Brits now using mobile contactless payments , the need for robust security measures grows . Recent studies highlight advancements in payment systems and the increasing importance of safeguarding against fraud .

Over a third , 35 %, said they are planning to introduce faster payment technologies in future , while 9 % have no plans to .

The data was revealed in the FPC ’ s Faster Payments and Financial Inclusion report , which surveyed 88 financial institutions , payment providers and businesses to explore the reediness of financial institutions to implement faster payment solutions .

Research shows that 55 % of respondents revealed that they don ’ t charge for faster payments to boost financial inclusivity . Meanwhile , 23 % said they charge payers a fee for faster payments , 13 % charge the payee and 10 % charge both the payer and the payee .

“ Our latest survey reveals promising progress in the adoption of faster payments across a diverse range of financial institutions , including banks , credit unions , and payment providers ,” said Anthony Serio , FPC Financial Inclusion Work Group Chair . “ The survey highlighted concerns related to fee variability , crossborder payment capabilities , and the essential need for stronger consumer protections and trust-building measures .”

When it comes to payment fraud , 42 % said they allow customers to ask for a return of funds after an authorised transaction fraud , while 19 % don ’ t allow customers to make those requests .

In total , a worrying 36 % said they didn ’ t know how they handled refund requests from authorised transaction fraud victims .

Responding to the findings , Jason Kurtz , CEO of Basware , commented : “ The push towards faster payment systems is a welcome sight , helping businesses to clear invoices and transactions swiftly . Without faster payment infrastructure , payments can be delayed which can cause severe challenges for suppliers when managing cash flow , contributing to stunted business growth .

“ Automation emerges as a solution to streamline processes , mitigate cost pressures , and collaborate with suppliers . As CFOs redefine their responsibilities , leveraging technology becomes essential to drive efficiency and ensure financial stability amidst economic uncertainties . www . intelligentfin . tech

17