Faster Payments

Faster Payments
RTP Network Transaction Value Leaps to $55B in Q2 as Businesses Sign On
July 10, 2024

The RTP network set records in terms of both the number of transactions and the value of payments it enabled in the second quarter. The instant payments system operated by The Clearing House allowed consumers and businesses to send 82 million transactions valued at $55...

Faster Payments
Most US Consumers Would Pay a Fee to Get Instant Refunds and Rebates
June 24, 2024

Overpayment disbursements — rebates, rewards, refunds, etc. — may not come to mind when considering a consumers’ overall cash flow, but, when these overpayments are issued, consumers want them quickly. Only about 71% of consumers receive some form of refund disbursements, with the average payout...

Faster Payments
5 Big Ideas: Making the Case for Instant Payments
June 19, 2024

In recent years, instant, P2P payments have seen a surge in adoption, emerging as a popular method for consumers to receive funds and make personal transactions and purchases. At the same time, smaller businesses have gravitated toward instant payments because they appreciate the speed, convenience...

Faster Payments
Citi Adds Real-Time Funding to Treasury Offerings
June 10, 2024

Citi introduced Real-Time Funding (RTF), part of its real-time treasury solutions for corporate customers. “Citi RTF enables the automated movement of funds between cross-border accounts based on predefined rules set by the client, helping them ensure that cash is available when and where it’s needed,”...

Faster Payments
37% of Freelancers Use Instant Payments to Ease Financial Stress
June 07, 2024

Life as a freelancer is not for the faint of heart. Freelancing often requires constant hustling, as these workers generally look for new projects even before current projects are completed. And concerns about getting paid add to the aggravation. After all, people who work on...

Faster Payments
Instant Payments Drive Profits for the Small Restaurants That Use Them
May 31, 2024

Forty percent of the independent mom-and-pop restaurants in the U.S. that generate $10 million or less annually now use instant payment rails as their primary method to send funds. And these restaurateurs are pleased with the results, according to PYMNTS Intelligence data. Seventy percent say...

Faster Payments
70% of Restaurant SMBs Say Convenience Is Top Instant Payments Benefit
May 29, 2024

While instant payments might seem like an innovation that only big companies would embrace, these types of expenditures are gaining traction with many mom-and-pop eateries. The PYMNTS Intelligence report “Small Business Real-Time Payments Barometer: Restaurants Edition” found that the number of restaurant small- to medium-sized...

Faster Payments
80% of Truckers Cite Convenience as Instant Payments Preference
May 28, 2024

Who doesn’t like getting paid instantly? According to PYMNTS Intelligence data, roughly a third of all U.S. consumers now select instant payouts when they are available, and even more tellingly, 78% would choose instant payments if given the option. But for some U.S. consumers, getting...

Faster Payments
Bank of America: New EU Instant Payments Rules Address Liquidity for Corporates
May 23, 2024

The payments landscape in Europe is poised for a shift as new regulations mandating support for instant payments go into effect in 2025. That’s no guarantee that consumers and businesses will automatically take advantage of them, but it will have implications for banks as well...