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Despite these challenges, emerging usecases, increased regulatory clarity, and growing consumer interest suggest that open banking’s future in the USA holds promise for a more competitive financial landscape. Continued eCommerce Growth: The eCommerce sector is set to expand, driving demand for secure online payment methods.
FIs appear well-aware of their business customers’ interest in real-time payments, too. A separate survey found that 92 percent of bank and credit union (CU) respondents expected that implementing the RTP network would “benefit” corporate clients , for example.
Across much of the world, instant payments have quickly become the norm. However, the same cannot be said in the US. Thirty-four per cent of US banks are concerned about updating their core infrastructure to handle the increased volume and speed of transactions. It’s given banks plenty of reasons not to modernise.
How can we look to this rapidly growing business for new usecases for instant payments? RTP) looks like right now, best practices in implementation, and lessons from the market. What will this look like in the coming years? Looks for designated tables to join the discussion.
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