The service delivers instantaneous fund transfers and operates beyond regular banking hours, defying the lags traditionally associated with such transactions.

In the third and final edition of this blog series, we take a closer look at the instant payments journey and address communicating the value of instant payments to secure approval and support from the C-suite.

While it may feel like a bare-minimum approach ahead of the imminent FedNow rollout, launching instant payments in receive only mode is actually an incredibly smart strategy for banks not ready to go all in and comes with a number of significant benefits.

Should you be moving forward with your plans to enable transactions on RTP, or simply wait for FedNow? When exactly should you be prepared to offer instant payments services to your account holders?

Due to the pre-existing widespread utilization of TCH’s RTP network, the first iteration of FedNow will exist primarily as an alternative to RTP, and there remains considerable redundancy between the two systems. So where do the two systems differ?

In a recent webinar focused on the evolving US payments sector, we asked our panel of experts to highlight instant payments opportunities and use cases that they believe will be particularly impactful. Here are just a few that caught our attention.

For the past few years, the global payments industry has been in the midst of an historic transformation. Between rapid advancements in instant payments technology, and widespread corporate initiatives surrounding ISO 20022 compliance and integration, a future comprised entirely of faster, more secure transactions could be right around the corner.

Institutions that have been slower to adopt real-time payments now find themselves at a crossroads, as many of the technological hurdles to adoption are being overcome, and FedNow’s launch is likely to make implementation efforts even more critical.