The Clearing House’s RTP® network, a real-time payments rail in the United States, is winding down the year on the back of two milestones.
The network set single-day records of 1.46 million transactions valued at $1.24 billion Nov. 1, according to a Tuesday (Nov. 12) news release. That followed an October in which the network recorded 31.7 million transactions — another record — valued at $25.4 billion, respective increases of 6.2% and 9% over September.
“It is exciting to see that the RTP network is supporting real-world payment needs of both consumers and businesses with almost half of payments happening after banking hours,” The Clearing House Chief Product Officer Margaret Weichert said in the release. “With the holiday season upon us, consumers can send money instantly to pay for gifts, holiday meals and other festivities, while small businesses can get paid in real time.”
Payment value on the RTP network is up 11.4% since July, with transaction volume climbing 12%, per the release.
The PYMNTS Intelligence report “Are Challenges Still Holding Back Instant Payments Adoption in the US?” found that 68% of businesses plan to adopt instant payments via RTP or the FedNow® Service in the next two years. It’s a level of enthusiasm that can be found in several industries, such as retail and consumer (81%), hospitality and leisure (75%) and healthcare (70%).
“Despite this momentum, traditional payment methods remain prevalent,” PYMNTS wrote in September. “According to the report, checks still account for 15% of B2B payments for retailers and manufacturers and 21% for real estate transactions. This persistence indicates that while the benefits of instant payments are acknowledged, full transition is still underway.”
Consumers also show a strong preference for using instant payments when given a chance, with 72% saying they would choose these payments when offered, a number that climbs to 77% for income payouts. And 62% of those not offered instant payments would have taken them if available, highlighting the demand for real-time solutions.
Real-time payments are growing in popularity around the globe with a series of innovations. Broadridge Financial Solutions, for example, launched last month a eurozone-focused Instant Payments Service for real-time money transfers using the Swift Alliance Gateway. In Brazil, payment services company EBANX is preparing merchants for the country’s upcoming Pix Automático feature.
We get a lot of press releases here at PYMNTS. We consider all of them, and some are more newsworthy than others. But this one really got our attention. This past week, Diebold Nixdorf made headlines with its announcement of successfully installing two new automated teller machines (ATMs) at the U.S. National Science Foundation’s McMurdo Station in Antarctica. This achievement marks a significant milestone in banking accessibility, to be sure. We would like to meet the crew that installed them. We’d also like to know why they needed two. Was there a line at the first one? More to come on that.
According to Diebold, McMurdo Station is Antarctica’s largest research and logistics hub, supporting a fluctuating population that ranges from fewer than 200 residents during the winter months to up to 1,100 individuals during the summer (October through February). The presence of these ATMs is crucial, it says, as the next closest banking facilities are thousands of miles away, making them the only ATMs on the entire continent. How’s that for a value proposition?
The DN Series ATMs are designed for always-on availability. And why do they need two? One ATM is actively in use, while the second serves as a backup for spare parts, ensuring uninterrupted service in this isolated area. These machines are connected to the DN AllConnect Data Engine, which leverages Internet of Things (IoT) connectivity, machine learning, and artificial intelligence (AI) to monitor their performance. A dedicated team continuously aggregates and analyzes technical data to identify potential issues, enabling remote diagnostics and repairs. The ATM can be maintained by trained staff at NSF McMurdo Station, or the Diebold Nixdorf service team can remotely guide them through the repair process.
Anyway, it got us thinking. Are there other surprising ATMs in extreme locations? Well, of course, there are. Here’s a sampling of what we found.
At an altitude of about 5,364 meters (17,600 feet), the Mount Everest Base Camp in Nepal is another unexpected place to find an ATM. Although it’s not a permanent fixture and is often set up seasonally, it caters to climbers and trekkers who need cash for local transactions. This temporary ATM service underscores the adaptability of banking services in extreme environments.
In some parts of the Amazon rainforest, particularly in Brazil and Peru, ATMs can be found in small villages and towns. These machines are vital for local communities, providing access to cash in areas where digital payment options might be limited. The presence of ATMs here demonstrates how banking services can reach even the most remote communities.
Located in the Tibet Autonomous Region, Nagqu is home to one of the highest ATMs in the world. This region is very remote, with limited infrastructure, making the presence of an ATM a notable example of banking accessibility in extreme environments.
In the Thousand Islands (Kepulauan Seribu) off the coast of Jakarta, Indonesia, there’s a floating ATM. This unique ATM serves the local community and tourists on the islands, demonstrating how banking services can adapt to isolated marine environments.
Longyearbyen, the administrative center of the Svalbard archipelago in Norway, boasts the most northerly ATM. This location is one of the most remote inhabited places on Earth, with limited access to mainland Norway, making the ATM a vital service for residents and visitors.
On a more serious note, the installation of ATMs in places like Antarctica and other remote locations highlights the evolving nature of banking technology. With advancements in IoT, AI and remote diagnostics, it’s becoming increasingly feasible to provide banking services in areas previously considered inaccessible. As we look to the future, it will be interesting to see where else ATMs might appear. Whether it’s on a remote island, at the top of a mountain or even in space, the ability to access cash is becoming more universal than ever. And who knows? Maybe one day, we’ll see an ATM on Mars, serving the first interplanetary travelers.
For now, the presence of ATMs in unexpected places reminds us that banking is not just about transactions; it’s about connecting people and communities across the globe, no matter how remote they might be.
