Real-time payments

Brazil's Pix network, at just three years old, now accounts for 15% of all global real-time payments — and its success is inspiring projects in other countries.

Banks can choose to only receive transactions instantly, and it's the most popular choice. Simply preferring to get paid faster isn't the reason.

The Federal Reserve would seem to offer a compelling alternative to the bank-backed RTP network, but some credit unions — which typically see bank systems as competitive threats — are making more nuanced choices.

Here is a highlight of 10 great American Banker Magazine features from the year. Topics range from redlining to the Most Influential Women in Fintech.

The first credit unions enrolled in the Federal Reserve's FedNow instant payments platform say it will fundamentally change the way they serve consumers and businesses across multiple categories.

Only 111 credit unions currently use The Clearing House's real-time payments platform, out of nearly 5,000 nationwide, but having the world's largest credit union in the system could lead more to join.

Real-time payments and a potential central bank digital currency are different initiatives, but many bank customers get them mixed up. To promote acceptance of FedNow, banks must distinguish between these new technologies as well as dispel the myths and fears linked to CBDCs.

Three months after the instant payment network went live, users and former Fed staffers say the rollout is going as expected. But the key to wider use depends on banks and their customers figuring out what to do with it.