Mobile and online person-to-person (P2P) payments are increasing in popularity across the United States. In 2019, half of consumers adopted at least one online payment method (Off-site) such as PayPal®, Venmo® or Zelle®, and the pandemic may have further boosted contactless payments (Off-site).
Do you know just how much of your financial institution’s payments activity is already going in and out of these applications? The ACH Originated Entries Detail Report and the ACH Received Entries Detail Report in the FedPayments Reporter for FedACH Services can help you assess:
- Which originators or receivers are using that online payment method
- How much money they have transferred to and from their account
- How much they have pulled out into their bank account
Understanding your customers’ mobile payments behavior can help you understand current and future demand for instant payments. Find out more about how instant payments could help financial institutions capture a piece of the P2P pie.
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Would you like to learn more about these reports? Do you need help assessing your instant payments readiness? Request your Federal Reserve account executive contact you.
Note
“PayPal” and “Venmo” are registered trademarks of PayPal, Inc.
“Zelle” is a registered trademark of Early Warning Services, LLC.
