Event Report
The increasing demand for instant payment solutions is a key trend driving the adoption of faster payments. This webinar report explores what is holding instant payments back in the US.
In the US, real-time payments (RTP) have grown significantly since The Clearing House introduced them in 2017. Currently, the RTP network covers approximately 70% of customer accounts in the US, with transaction volumes and values rising dramatically. The Federal Reserve’s FedNow service, launched in mid-2023, has also contributed to this growth, processing a substantial number of payments in its initial quarters. These networks provide low-cost, efficient payment solutions that are gaining popularity for both consumer and business transactions.
Despite this progress, challenges remain in the adoption of faster payments. Interoperability between different payment systems and networks is a primary issue. While domestic instant payments are becoming more common, cross-border instant payments face obstacles due to the complexity of multi-currency transactions and varying regulations across countries. Additionally, the regulatory environment in the US does not mandate the adoption of faster payments, which can slow down the pace of implementation compared to other markets with regulatory mandates.
This report highlights the key takeaways of a Finextra webinar, hosted for the PREDICT 2025 campaign, by a panel of industry experts. It aims to answer:
What is holding Faster Payments back in the US and how much progress can be attributed to open banking and the ISO 20022 standard?
Which applications of Faster Payments in the UK are transferrable to the US? With RtP and FedNow, how much choice is too much choice?
What evidence is there that the financial services industry is at a tipping point and technology must be leveraged to ramp up adoption?
230 downloads