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There is no dearth of faster paymentsinitiatives — and no certainty that there will be one faster payments scheme to rule them all. FinTechs are interested in providing value-addedservices to FIs — and can conceivably connect their offerings to the FedNow platform via participating depository institutions.
In fact, in 2023 , real-time payments only made up one per cent of all payments in the country. Up to this point, US financial institutions have relied on The Clearing House ‘s (TCH) Real-Time Payments Network (RTP), run by big banks. Are instant payment methods becoming more mainstream in the US?
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