Within the last year we’ve witnessed two major milestones related to faster payments in the U.S. In September 2017, the Zelle Network® (Zelle) was released by a consortium of banks. This initiative was quickly followed by The Clearing House as it launched its RTP® network, a new clearing and interbank settlement network, with the first-ever RTP payment exchanged between BNY Mellon and US Bank on November 14, 2017.
One could argue that the U.S. faster payments revolution is in full swing. However, to reach the Federal Reserve’s 2020 target for faster payments to be available to every business and consumer, many more banks will need to participate. We’ve talked to many banking, business and technology leaders contemplating the move to faster payments and took a pulse as to their findings – one year on from the original launch of Zelle and TCH RTP®.