PYMNTS

AUGUST 12, 2019

Senator Elizabeth Warren asks in a campaign ad, ignoring the fact that 93 percent of working Americans have their checks directly deposited into their bank accounts – ready for use on payday – using the ACH network. For most people, it has been a long time since they received a paper check that had to be deposited at the bank.

Real Time Payments 78

Real Time Payments FedNow TCH Fed 78

PYMNTS

APRIL 2, 2019

When The Clearing House (TCH) unveiled the Real-Time Payments (RTP) system in 2017, it propelled swifter payments and brought about the next generation of fund transfers. RTP has showcased its ability to help customers pay providers for received services, but such systems offer more than immediate, final and irrevocable transactions.

Real Time Payments 49

Real Time Payments RTP Payer Irrevocability 49

PYMNTS

SEPTEMBER 26, 2019

Common forms of pull payments include debit cards and paper checks. There is a long timeline during which payees may call upon the funds, with banks being legally required to cash checks within six months of issuance — many will permit doing so long after that time frame. Instant payment systems, such as TCH’s RTP and the U.K.’s

Payer 67

Payer Push-to-Card Real Time Payments Payee 67

PYMNTS

JANUARY 21, 2019

when the vast majority of banks have resisted throwing their support behind TCH, which has been trying for the last several years to get its real-time payments alternative off the ground. Truly instant payments require a system that can do that without any margin of error, because instant also means irrevocable.

Faster Payments 77

Faster Payments Same Day ACH Fed Real Time Payments 77