Real-time payments

The success of central bank digital currencies will be directly tied to their usability — by both individuals and businesses.

To appeal to a younger audience, credit unions are teaming up with third parties that can help them offer Bitcoin accounts, real-time payments and other cutting-edge services.

ICBA Bancard will help link community banks to instant payments through a partnership with real-time services hub provider Finzly.

The national debit network Interac is working with Payments Canada, which oversees the country's payment system, on an instant payment rail while demand from local shoppers and a need for faster supply chain finance grow more pronounced.

Banks and businesses want a connected system that "just works," regardless of which rail the senders and recipients use. But there is no consensus on how to make that happen.

By 2023, the Federal Reserve expects to launch a service that would allow businesses and consumers to complete payments in real time. But a digital currency it's now studying could have similar benefits — while potentially removing the need for bank intermediaries.

Billers have long had the edge in handling users' bill payments. Fiserv says it can change that through faster transactions, but it faces fresh competition from fintechs.

Allied Payment Network is linking to the digital banking platform of Tyfone for community banks and small businesses.

American banks and their clients now see a business case for ISO 20022 as they expand cross-border and real-time transactions.