Since The Clearing House’s launch of its RTP® real-time payments network in 2017, the network has shown steady, but slow, growth. Currently, there are 350 financial institutions connected, reaching 65 percent of U.S. DDA accounts. But even with the increasing number of connected accounts, the field remains wide open for innovative opportunities to leverage—and monetize—real-time payments. And with the Fed launching its own network, the FedNowSM Service, in July of this year, the question remains as to just exactly how financial institutions can leverage real-time payments to add speed, convenience, and value for consumers and businesses—and to increase revenue.
The short answer is the sky is the limit when it comes to ways to use real-time payment rails as the basis for new and exciting products. In this article, we address some of those challenges as well as provide some compelling use cases for financial institution stakeholders.
