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The Current State of Real-Time Payments in the United States: Talking to the Providers, 2020 - ResearchAndMarkets.com

The "The Current State of Real-Time Payments in the United States: Talking to the Providers" report has been added to ResearchAndMarkets.com's offering.

In late 2017 The Clearing House (TCH) launched an entirely new payments infrastructure called Real-Time Payments (RTP) which was designed to provide instantaneous clearing and settlement with always available processing for domestic payments in the United States.

To better understand the actual state of adoption of RTP, the publisher reached out to a number of the top banks to determine the progress of their real-time payments initiatives related to the RTP network.

Senior payments professionals at seven systemically important financial institutions and a third-party service provider agreed to be interviewed, the general viewpoint being that sharing their experiences would help promote greater industry knowledge and encourage adoption of RTP, seen as a clear benefit to the U.S. payments industry.

The Current State of Real-Time Payments in the United States: Talking to the Providers, provides a direct view into the how, why, and when of launching connectivity to RTP. Adoption rates have been rather tepid, and through the eyes of those responsible for advancing the real-time businesses at their institutions and through their comments on their institutions' experiences, one learns that moving large organizations into an always on systems and service environment is not a job for the faint of heart. As more banks and third-party providers are now connecting to the RTP network, uses become more scalable and valuable.

There has been noticeable uptick in recent RTP project activity as more businesses learn about the actual advantages of an entirely new payments rail with unprecedented speed, data, and communications ability, so any institution that has been considering a launch effort would do well to listen to some of their peers about how to get it done.

Highlights of the report include:

  • Insights from discussions with 13 senior payments professionals responsible for launching and growing the real-time payments business model.
  • Seven key findings that will be valuable to banking institutions, fintechs, and corporates that are considering starting or have already started their own real-time payments initiatives.
  • Dozens of candid comments from the senior payments professionals at the top banks interviewed concerning their institutions' RTP launch approaches, project size and length, client implementations, business models, and growth expectations.
  • Detailed analysis of the RTP launch effort, market scope, demand, product plans, and growth expectations.

Key Topics Covered

1. Executive Summary

2. Introduction

3. Interviews and High-Level Findings

  • Discussion Approach
  • Key Findings

4. Ground-Level Insights

  • Launch Effort
  • Market
  • Demand
  • Product Development Plans and Growth Expectations for RTP

5. TPSP Perspective

6. Conclusions and Recommendations

List of Figures

  1. Seven key findings from interviews on RTP in the US
  2. RTP network product launch choices
  3. Challenges, issues, and client implementations
  4. Bank customers and prevalent use cases in the RTP network
  5. Use of extended remittance data is lagging to date
  6. Interoperability between RTP and FedNow
  7. The Zelle rollout illustrates how integration partners can fuel rapid growth

Companies Mentioned

  • ACI
  • Bank of America
  • BNY Mellon
  • Citi
  • Early Warning
  • Federal Reserve
  • Finastra
  • FIS
  • Fiserv
  • Jack Henry & Associates
  • JPMorgan Chase
  • Mastercard
  • P27
  • PayFi
  • The Clearing House
  • U.S. Bank
  • Visa
  • Wells Fargo

For more information about this report visit https://www.researchandmarkets.com/r/aubw2x

View source version on businesswire.com: https://www.businesswire.com/news/home/20200326005362/en/

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