What is a barrier to implementing internal controls for Faster Payments?

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Resource allocation and costs are significant barriers to implementing internal controls for Faster Payments due to the financial and human resources required for effective implementation. Companies must invest in new systems and processes, which can be expensive and may not yield immediate returns on investment. Additionally, hiring or training personnel to oversee these controls adds to the cost and resource allocation burden. Balancing these expenses while ensuring compliance and security in payment processes is a complex challenge for many organizations, often leading to delays or inadequacies in the implementation of necessary internal controls.

In contrast, while increased transaction volumes and regulatory requirements are certainly important considerations, they would not inherently prevent the establishment of internal controls. Similarly, the lack of technology can pose challenges but can often be addressed through upgrades or partnerships, whereas resource allocation directly impacts a company's ability to effectively implement and sustain internal controls.