Though checks are frequently dismissed as a thing of the past, especially with the growing number of digital payment options available, they remain an extremely prominent payment method in the United States today. One of the most pressing issues regarding depositing checks is the time it takes for checks to clear and for funds to become available. With that issue in mind, and to learn more about emerging options for faster access to deposited check funds, PaymentsJournal sat down with Kevin Nason, director of Product Management at Fiserv, and Sarah Grotta, director of Debit & Alternative Products Advisory Service at Mercator Advisory Group. PaymentsJournalmmediate Funds Access: Fiserv’s Solution to Accelerate Check Deposits for Businesses and ConsumersPaymentsJournal mmediate Funds Access: Fiserv’s Solution to Accelerate Check Deposits for Businesses and ConsumersPaymentsJournaljQuery(document).ready(function ($){var settings_ap16042884 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"16042884",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_84783_2",settings_ap16042884); }catch(err){ console.warn("cannot init player", err); } }); Checks are still relevant in today’s world Even though checks are often forgotten, much of the U.S. payments system still relies on them. “The Federal Reserve recently published their first cut at the data from its triennial Payments Study in December and in that report found that there were 14.5 billion checks written for a total of $25.8 trillion in 2018,” said Sarah Grotta.   Grotta explained that while check volume is declining, “it’s still a really significant part of our payments ecosystem, and it’s important to note that there are far more dollars that move by checks than by all of the card payments combined, including debit cards, credit cards, and private label cards.” There has been some talk of check deposit availability in the context of faster payments with The Clearing House’s RTP platform and what is being envisioned for FedNow, but Grotta noted that these platforms “will not really make checks available instantly.”  Consumers and businesses are willing to pay for immediate funds access Fiserv’s Kevin Nason defined check deposit acceleration as “making funds available to the customer as soon as they deposit checks, rather than waiting the typical two to three days it takes for that check to clear.” And it’s a service that is appealing to consumers and businesses alike.    Fiserv’s research found that 58% of consumers are willing to pay for accelerated funds availability from check deposits. Accelerated funds are frequently used on emergencies like health events, home repairs, or car repairs. Additionally, 20% of small businesses would leverage accelerated funds