Although instant payments have been available in the United States since 2017 – via The Clearing House’s RTP rails – many in the industry treated last month as their first anniversary. That’s because in July 2023, the Federal Reserve launched its FedNow service, kicking off market competition in earnest.
Topics: FedNow, RTP, instant payments, Payments Landscape, Emerging Payments
The outlook for the commercial payments market is strong. Volumes are projected to grow at a 14% average annual rate over the next five years, offering a prime opportunity for financial institutions to drive margin and deepen corporate customer relationships amid an uncertain economic environment marked by margin pressures and increasing regulatory headwinds.
Topics: FedNow, RTP, instant payments, Commercial Payments, B2B Payments
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.
Topics: Payments, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network, instant payments
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.
Topics: Vendor Contract Negotiation, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Crypto, instant payments
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.
Topics: Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network, instant payments
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.
Topics: Vendor management, Point-of-Sale, FedNow, Real-time payments, instant payments
