Real-time payments

To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.

Nacha is readying its network to meet with the demands of its financial institution members.

The bank was one of the first users of The Clearing House's RTP network. Andrew Haskell explains how faster payments are helping the bank and its clients.

Square's merchants have shown early interest in cryptocurrency payments, and if merchants accept this new concept, it could exist along with other Square services to support numerous use cases, including broader financial services.

In a move to increase the attractiveness of its Real-Time Payment network, The Clearing House is raising the transactional limit for single payments to $100,000 starting Feb. 1.

In a move to increase the attractiveness of its Real-Time Payment (RTP) network, The Clearing House is raising the transactional limit for single payments to $100,000 starting February 1, 2020.

Fearful of being the last one standing, banks and credit unions of all sizes will become more aggressive about real-time payments — or risk getting left in the past.

Fintech bank and payment services provider LHV is now providing real-time payments in the U.K. through the country's Faster Payments scheme, allowing it to handle U.K. currency in addition to euro payments in the Single Euro Payment Area through SEPA Instant.

One of the biggest untapped areas of payment innovation is in consumer bill payment, which makes up 30% of U.S. consumer spending, with banks currently playing a shrinking role in the $4 trillion segment.

When the European Union began developing the Single Euro Payments Area more than a decade ago, it didn't include a vision for real-time payments and the potential for a third European payments scheme.