It’s expected that more than 56 real-time payment rails will be live by 2020, and the U.S. is hoping to attain real-time payments ubiquity by that point. The demand for faster payments is strong in the U.S., but not all financial players agree on how to achieve it.
Since The Clearing House (TCH) launched Real-Time Payments (RTP) in 2017, the system has yet to reach ubiquity in the U.S. The Federal Reserve recently sought to propel faster payments adoption by requesting feedback from financial institutions (FIs), retailers and other stakeholders on whether it should create its own real-time payment rail. The responses poured in from credit unions, major retail chains, tech companies and more.