Real-Time Payments Reach Key Milestones in the US, Switzerland and Australia

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Real-time payments continue their rapid global expansion, with banks and governments updating existing systems and introducing new ones for their citizens and customers.

Australia is expanding its real-time payments landscape through a new cross-border payments collaboration between BNY and Commonwealth Bank of Australia (CBA). This collaboration allows Australian businesses and individuals receiving payments from BNY customers to access funds in as little as 60 seconds, regardless of their banking institution. The partnership utilizes Australia’s New Payments Platform (NPP) International Payments Service (IPS), with CBA processing the final leg of BNY’s cross-border transactions.

In Switzerland, the Swiss National Bank (SNB) has officially launched real-time payments, leveraging a technical framework developed in partnership with SIX Interbank Clearing in November 2023. This new system complements the existing TWINT mobile payments platform and enables about 60 FIs, accounting for more than 95% of the country’s retail payment transactions, to process instant payments. Several banks have already introduced retail services for instant payments, with more expected to follow. The SNB anticipates that by the end of 2026, all FIs involved in retail payments will be integrated into the instant payment network.

Expansion in the United States

One notable real-time payments milestone comes from the United States, where the FedNow® Service recently marked its first anniversary with a roll call of more than 900 participating financial institutions (FIs). These institutions range from those with less than $500 million in assets to those exceeding $3 trillion, with community banks and credit unions (CUs) comprising 78% of the total. The service has also secured a broad selection of FinTechs enthusiastic about adding FedNow’s capabilities to existing Federal Reserve payment services like Fedwire and FedACH. Indeed, FedNow’s swift expansion demonstrates strong industry interest in adopting real-time payments.

Finally, smaller FIs are also embracing real-time payments. The Minnesota-based Affinity Plus Credit Union has launched a real-time payments service that allows members to receive funds instantly through The Clearing House’s RTP® network and FedNow Service. This new offering enables secure, immediate transactions from various financial institutions and service providers across the U.S., particularly benefiting small business owners and gig workers. The service enhances cash flow management, provides financial stability for gig economy participants, and facilitates faster emergency insurance payouts and disaster relief funding.

About the Real-Time Payments World Map

The “Real-Time Payments World Map,” a collaboration with The Clearing House, examines the latest developments fueling the rapid expansion of instant transactions worldwide.