There is little doubt that the need to offer real-time/instant/faster payment capabilities is imperative. With the current rate of adoption and usage of networks like the RTP® network (The Clearing House (TCH), Zelle® (EWS), Visa Direct, and MasterCard Send®, in addition to the anticipated success of the FedNowSM Service network launch (2023)—consumers and businesses will soon be exposed to many new ways to move money and do business than ever before. People’s expectation and demand to transact whenever they want is becoming the “new normal.”
As the move to real-time payments continues to evolve, for many financial institutions, there are still unanswered questions and apprehension about moving forward. In this article, we provide guidelines to follow to help your financial institution navigate the journey to provide your account holders with the ability to send and receive real-time payments.
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