Instant payments systems, such as the newly launched FedNow in the US, are transforming the way financial institutions and customers conduct transactions. UL Solutions, a safety certification company, is helping to ensure the safety and security of instant payments by providing education, training, and readiness programs to financial institutions. The company also emphasizes the importance of onboarding customers and verifying their identities in order to instill trust in the payments ecosystem. UL Solutions believes that instant payments will continue to evolve and that digital identities will play a crucial role in improving security and authentication in the payments sector. With the increasing use of digital IDs, secure payments will become even more important in the coming years. UL Solutions is optimistic about the future of instant payments and sees great potential for new services and use cases, such as peer-to-peer payments, payroll, and age-restricted purchases. Despite being slightly behind other regions in the adoption of instant payments, the US is catching up and is expected to see significant growth in this area. UL Solutions aims to help financial institutions navigate the switch to instant payments and ensure that the necessary steps for implementation and testing are carried out successfully.
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