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FPC 2023 Spring Member Meeting

Faster Payments Council

With the system joining the existing RTP system, both promising to modernize the way money moves and allow for greater use of instant payments, it seems the shift to real-time payments is 'inevitable'. FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. What are your options?

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Real-Time Payments Survey Reveals Growth in Usage - and Scams

FICO

Real-time Payments Growing in Use, Popularity Source: FICO Survey Consumers’ use of real-time payments (RTP) has grown more frequent. Throughout the countries we surveyed, RTP usage shows no signs of slowing. When asked what they like best about RTP, 87% of consumers admit it is the sheer speed with which they can transfer funds.

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Payment Rails Search For Harmony In B2B Payments

PYMNTS

Credit Unions Embrace RTP. Corporate America Credit Union (CACU) announced recently that it has become a funding agent for The Clearing House’s real-time payments (RTP) network, RTP (one of the newer payment rails in the U.S.), Profituity Aims To Elevate ACH. Credit Unions Mix Blockchain With Existing Rails.

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Mastercard to Offer Real Time Cross-Border Payments for Commercial Clients

Finovate

These features include multiple settlement options that improve liquidity management, a multi-party arrangement to reduce counterparty and default risks, integration with existing SWIFT messaging systems, and compatibility with current correspondent banking relationships.

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Global Cross-Border Payments Expected To Grow, But Challenges Remain

PYMNTS

Many are choosing to implement ISO 20022 as a common messaging standard to achieve greater interoperability between payment systems, with the system seeing more than 80 implementations in over 40 markets, including with TCH’s RTP system in the U.S. and Australia’s NPP. That resistance doesn’t reflect the needs of smaller, regional banks.

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Speed Finds Opportunity In B2B Payments Beyond Accounts Payable

PYMNTS

State-chartered financial institution Bankers’ Bank , which focused on providing correspondent banking solutions to community banks, recently announced it would become a funding agent for institutions that want to offer real-time payments via The Clearing House ’s RTP service. Treasurers See Faster Payments Benefits.

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B2B Cross-Border Payments Are Speeding Up

PYMNTS

This is even true for those adopting the Real-Time Payments (RTP) rail from The Clearing House (TCH). The FedNow system is due to launch by 2024, and TCH has expressed concern that FIs would cease adoption of its RTP system until they learned more details about the Fed’s offering.