Update: Real-Time Payments Reach New Milestones Across the US and Beyond

Real-time payments took center stage in 2024, with groundbreaking milestones reshaping how money moves worldwide. From the United States expanding its payment networks to new systems debuting in other regions, the year has been a turning point for faster, more accessible transactions. What follows are some key highlights from the year.

In January, Mastercard and The Clearing House announced an extended multiyear partnership to enhance real-time payments adoption through the RTP® network. Mastercard remains the exclusive instant payments software provider for the RTP network, enabling the integration of new instant payment use cases across diverse payment flows. The RTP network is currently accessible to financial institutions (FIs) holding nearly 90% of U.S. demand deposit accounts. FIs can connect to the RTP network through direct integration, third-party service providers, bankers’ banks or corporate credit unions.

Meanwhile, the other U.S. real-time payment option, FedNow® Service, has seen significant growth since its launch in July 2023. In one year, the service enrolled more than 900 FIs. Participating institutions range from those with less than $500 million in assets to those exceeding $3 trillion. Community banks and credit unions make up 78% of the total.

Developments in Europe

Looking eastward, the European Union adopted a regulation mandating instant payments across the EU. The new Instant Payments Regulation (IPR) requires payment service providers (PSPs) to execute instant credit transfers in euros within 10 seconds. This landmark decision paved the way for publication in the Official Journal of the European Union in March. The law took effect in April and obliges banks and PSPs to implement instant payments. This marks a significant step toward digital transformation across Europe’s financial landscape. The IPR will be enforced in stages, with the first phase requiring eurozone PSPs to have the ability to receive instant payments by Jan. 9, 2025, and to send instant payments by Oct. 9, 2025.

Finally, Switzerland took the first step into real-time payments in August, launching the Swiss National Bank’s (SNB’s) instant payment system. The new program leverages a technical framework developed with SIX Interbank Clearing in November 2023. Currently, roughly 60 FIs process instant payments, covering over 95% of Swiss retail transactions. Despite Switzerland’s cash-centric culture, the SNB anticipates all FIs will be reachable through this system by the end of 2026. A milestone in the country’s transition toward a digital payment landscape, this reflects the country’s commitment to modernizing financial infrastructure.

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About the Real-Time Payments World Map

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