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Almost two-thirds of businesses would factor in access to faster payments when deciding whether to switch banks in the future, according to a new survey from the Federal Reserve.

Large businesses were even more likely to consider access to faster payments when deciding whether to switch banks, the survey found, with more than 75 percent saying faster payments would factor into their decision.

The survey, which was commissioned by the Federal Reserve and released on Tuesday, included responses from more than 2,000 businesses in a variety of industries. The businesses had annual revenues ranging from less than $1 million to more than $250 million. The survey was conducted in the second half of 2020.

Shonda Clay, the Federal Reserve’s chief of customer and industry engagement, said in a statement that the survey was designed to uncover insights to help the industry deliver instant payment services that meet the needs of end users.

“Businesses’ appetite for faster payments has clearly accelerated due to growing acceptance of digital commerce during the pandemic,” Clay said. “Businesses are calling for consumer-to-business and business-to-business payments that facilitate quicker access to funds, the ability to post payments immediately and automatically, and timely notification of payments.”

The survey found that about 90 percent of businesses expect to be able to make and receive faster payments within three years, including payments that credit the payee’s deposit account within seconds. A majority of those surveyed said they had used some form of faster payments, and most expected to use faster payment options by 2023 or sooner.

The Federal Reserve is currently developing the FedNow Service, an end-to-end instant payment service that will provide banks and credit unions with infrastructure to let individuals and businesses make real-time payments.

“The FedNow Service is developing capabilities to address business needs for safe, instant, data-rich payments and collaborating with financial institutions and business solution providers to implement them when the service launches in 2023,” Nick Stanescu, FedNow Service business executive, said in the statement.

A majority of the businesses surveyed had sent and received faster payments in the past 12 months, including through digital wallets, same-day ACH and “push to card” services that use debit card networks.

The pandemic continues to play a role in the accelerating the demand for faster payments. Managing cash flow and working capital in the current business climate were among the top concerns for nearly 75 percent of micro businesses and more than 60 percent of other businesses surveyed.

“Coming out of the pandemic, many are focused on offering additional digital/online payment options, ensuring payment timeliness and growing sales and revenue,” the Federal Reserve said in the statement.