U.S. Faster Payments Council on Instant Recurring Payments

The U.S. Faster Payments Council (FPC) has published a report titled, Navigating Instant Recurring Payments: Consumer, Business, and Financial Institution Perspectives.

Instant Recurring Payments

This comprehensive needs assessment offers strategic insights into the implementation of instant recurring payments, focusing on the unique perspectives of consumers, businesses and financial institutions.

Spearheaded by the FPC Real-Time Recurring Work Group (RTRWG) 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, providing a robust foundation for seamless and secure transactions in the dynamic landscape of instant payments.

“Instant recurring payments represent a significant evolution in the payments landscape, offering unprecedented speed, convenience, and security,” says Josh Karoly, Director of Payments at Netflix and FPC Real-Time Recurring Work Group Chair.

“Our report aims to address the diverse needs and expectations of consumers, businesses, and financial institutions, laying the groundwork for widespread adoption and innovation.”

The report outlines key considerations for stakeholders, including the ease of sign-up and use, support for notifications, flexibility in managing scheduled payments, and robust security measures.

By addressing these critical areas, the RTRWG 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 recurring payments,” comments Andrew Gómez, Director at Lipis Advisors and Vice Chair of the Real-Time Recurring Work Group.

“Through collaboration and research, our work group prioritised user-friendly features, flexible management options, and security measures. This report not only outlines the challenges but also offers modern solutions to create a streamlined and reliable process for all participants.”

The report also highlights emerging trends and best practices in the realm of instant recurring payments, providing guidelines for businesses and financial institutions looking to leverage this innovative payment method.

From strategic banking partnerships to seamless integration with existing systems, the report offers practical recommendations for stakeholders seeking to optimise the payment experience for their customers.

“As the payments industry continues to evolve, it’s crucial for stakeholders to stay ahead of the curve. This report from our RTRWG offers valuable insights into the future of instant recurring payments,” continues FPC Executive Director Reed Luhtanen.

“By leveraging the recommendations outlined in this report, businesses and financial institutions can position themselves as leaders in the rapidly changing payments landscape, driving innovation and enhancing customer experiences.

For those reasons, the FPC urges all system participants to adopt the recommendations in this report.”


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