The development and importance of fast payments services are the focus of a new report by the Committee on Payments and Market Infrastructures (CPMI).
      
    
    
      
	Across CPMI  jurisdictions, the number of so-called fast payment services, which make funds immediately available to the payee and can be used around-the-clock, has more than doubled since 2010. Fast payment services are expected to grow further, providing more options for time sensitive payments, allowing consumers to better track spending, helping businesses better manage cash and supporting financial inclusion. However, they do create challenges for payments systems and may have implications for central banks and other stakeholders.
	"Fast payments have the potential to generate benefits for various stakeholders and for society in general, provided that risks are properly managed. They can play a key role in upgrading and modernising a jurisdiction's payment system," CPMI  Chairman Benoît Cœuré said.
	"Central banks can contribute to the development and implementation of fast payments through their traditional roles as catalysts for change, as well as operators and overseers of payment systems."
	The Fast payments report sets out key characteristics of fast payments, takes stock of different initiatives in CPMI  jurisdictions, analyses supply and demand factors that may foster or hinder their development and sets out their benefits and risks.
	The CPMI  said central banks should consider their role and determine what support is warranted in order to foster the development of safe and efficient fast payments, including potential changes in their operational services.
	Press release
	Full publication
      
      
      
      
        © BIS - Bank for International Settlements
     
      
      
      
      
      
      Key
      
 Hover over the blue highlighted
        text to view the acronym meaning
      

Hover
        over these icons for more information
      
      
 
     
    
    
      
      Comments:
      
      No Comments for this Article