Real-Time Payments

Real-Time Payments
Instant Payments Force Banks to Examine Limitations of ‘Creaky’ Legacy Systems
October 23, 2023

The July launch of the FedNow® Service — and the fact that The Clearing House’s RTP® network has been operational for six years — underscores the need for banks to examine their legacy payments architecture, Form3 U.S. CEO Dave Scola told PYMNTS. Scola’s remarks came...

Real-Time Payments
The Clearing House CEO: ‘It’s All About Growing the Real-Time Payments Pie, Not Fighting Over...
October 16, 2023

Now in his eighth month as CEO of The Clearing House, David Watson noted to PYMNTS CEO Karen Webster that there’s significant promise — and a long road ahead — for real-time payments in the United States. There are two dimensions to consider, he said,...

Real-Time Payments
95% of Payouts to Bank Accounts Don’t Happen in Real Time
October 13, 2023

The rise of open banking is evolving banks as we know it. Instead of traditional banks keeping consumer financial data solely within their closed systems, banks and third-party service providers can now share it through application programming interfaces (APIs). When it comes to consumer payouts,...

Real-Time Payments
77% of Real Estate Companies Plan to Adopt Real-Time B2B Payments
October 12, 2023

Real-time payments are becoming a major player across industries. Large retail, manufacturing and insurance firms recognize the significance of real-time payments for business-to-business (B2B) operations. Notably, 81% of large retailers identify the payment method as critical for making B2B payments. Despite the broadly shared consensus...

Real-Time Payments
Handicapping the US, UK and Europe Real-Time Payments Race
October 06, 2023

Real-time payments have revolutionized the global financial landscape, fostering greater efficiency, convenience and inclusion. Countries worldwide are embracing real-time payment systems to meet the growing demand for instant transactions. Real-time payments offer advantages such as reduced fraud, 24/7 accessibility and faster settlements for businesses and...

Real-Time Payments
82% of Small Insurance Firms Forgo Instant Payments
October 05, 2023

The insurance industry is witnessing a surge in the adoption of real-time payments, with nearly 40% of all firms surveyed in a PYMNTS study planning to increase their use of instant payments, and 25% anticipating increases in the real-time payments they receive.  That study, “Corporate...

Real-Time Payments
How Real-Time Payments Could Help Manufacturing Sector Grow
October 04, 2023

The smokestack economy is not out of the woods yet. Manufacturing is still contracting, but growth seems to be on the horizon. The recognition of how tech can enable speedier payments can go a long way toward capitalizing on those growth opportunities. The Institute for...

Real-Time Payments
Cross River and paymints.io Launch RTP Offering for Real Estate
October 03, 2023

Cross River Bank and paymints.io have teamed to expand real-time payments in real estate. The collaboration — an extension of an existing partnership between the companies — lets paymints.io customers in the real estate space make real-time payments using The Clearing House’s RTP network, the two...

Real-Time Payments
FedNow Unveils Market Practices to Promote Instant Payment Feature
September 26, 2023

The Federal Reserve has unveiled market practices aimed at promoting the standardized implementation of the request for payment (RFP) feature of the FedNow® Service. The market practices were developed by a diverse industry work group convened by the Federal Reserve, which included representatives from various sectors, the Federal...