Real-time payments

If they haven't already, card-issuing banks will soon receive a shock when the speed of PSD2's requirements becomes clear. Payments will have to happen faster, and the deadline to make that happen is fast approaching.

U.S. Bank's $600 million fine for AML lapses quickly drew readers attention, while acting CFPB Director Mick Mulvaney got the Cordray treatment on Capitol Hill and big banks made moves to speed real-time payments.

Early adopters of The Clearing House’s Real Time Payments network have built gateways and accelerated fraud detection systems.

Early adopters of The Clearing House’s Real Time Payments network have built gateways and accelerated fraud detection systems.

As an industry, we owe it to our customers and end users to deliver banking and payments that function in real-time and meet their expectations, writes Paul Kobos, senior vice president of banking & payments for Gemalto.

Putting money directly in people’s pockets requires more speed and efficiency through innovative technologies and payments systems, writes Deirdre Ives, managing director of Wirecard North America.

The case for real-time payments isn’t just about instant gratification. Truncating settlement times has enormous benefits to FIs, businesses and even governments.

This week's first transaction over The Clearing House's Real-Time Payments system may be a huge step for speeding up payments in the U.S., but it also highlights the long road still ahead.

The system went live Monday with a real-time transaction between BNY Mellon and U.S. Bank. Those banks will soon be joined on the network by Citi, JPMorgan, PNC and SunTrust, which together represent the financial industry’s earliest adopters of RTP.

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