We've heard several financial institutions intend to delay deploying instant payments capabilities, such as FedNow and The Clearing House's RTP Network, until 2025 as part of broader cost-control initiatives.
After attending my first Money 20/20 conference I came away with an insightful experience filled with thought-provoking discussions on the future of finance. Over four jam-packed days, I captured notes from 16 sessions covering a wide swath of topics that are sure to (re)shape financial services.
Instant payments have been on the radar for some time – The Clearing House’s RTP Network has been operational since late 2017. But the Federal Reserve’s launch of FedNow, the second instant payments network in the US, has reshaped the landscape – shifting the dialogue from “if instant payments will take hold” to “when and how will they take hold.” This was evidenced when over 1,750 people joined the Fed’s recent town hall on the topic – a potent indicator of market interest.
The advent of instant payments is transforming the global payments landscape.
People are drawn to around-the-clock access to funds, immediacy, irrevocability, and transparency in instant payments. It can also become a rich source of data for many interested parties.