The Need for Speed - COVID amplifies the market need for Real-Time Payments- and their swift rollout

• Oct 25, 2020
• By Jeremy Baumruk

It is no secret that the United States is late to the instant payments party. While there are longstanding reasons, what matters now is that the market needs and expectations for real-time payments continues to grow, brought into stark focusby the COVID-19 pandemic. The accelerated shift to digital and remote payments, as well as the need for immediate access to emergency funds disbursements, present ideal use cases for this functionality. While real-time payments have existed in the US in the form of RTP, the new set of payments rails launched by The Clearing House (TCH) in late 2017, adoption has been incremental to date. RTP is currently being used primarily for business payments and centered on the nation?s largest banks that jointly own TCH. Additionally, the Federal Reserve has...

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