The time for Instant Payments is now
Ignoring Instant Payments is no longer an option – Finastra has unrivalled expertise in delivering solutions for Financial Institutions of all sizes
Instant Payment adoption is accelerating
US mobile ubiquity and global ISO adoption setting the groundwork for instant payments
of US smartphone owners use mobile payments.
experts predict these numbers will rise to 50% (125 million) Americans.
of payment volume worldwide uses ISO 20022 standards.
Not offering Instant Payments presents an attrition risk for both businesses and banks
of businesses would factor access to faster payments into whether to switch banks.
of businesses expect to be able to send and receive faster payments by 2023.
of businesses consider it important their bank offer faster payments.
Consumer use of Instant Payments is becoming the standard
of consumers want a real-time view of their account balance and immediate posting of their payments.
of disbursements US consumers received in 2021 were instant payments.
growth in Instant Payments has occurred between 2020 and 2021 (according to the January/ February 2022 Disbursements Tracker®).
Seize the instant payments opportunities in the US with Finastra Payments To Go
Experience the future of instant payments in the US with Finastra Payments To Go and learn how financial institutions can offer round the clock instant payments services.
Instant Payments in the U.S.: How to Seize the Opportunity
Find out how financial institutions and businesses can harness the growth in instant payments opportunities to meet the growing customer demands.
Watch the replay of this webinar to find out about Instant Payments developments in the US
As traction for Instant Payments grows join Finastra in discussion with the Federal Reserve and The Clearing House as we consider the resulting impact and opportunities.
Want to discuss other regions?
The state of instant payments in the US: Top 5 findings
Find out how financial institutions and businesses can take advantage of instant payments opportunities with Finastra Payments To Go.
Comparing Instant Payment Rails
RTP
Availability
24/7/365
Source/Destination
Account to Account
Limits
$1 Million
Business Segment
B2B, B2SMB, B2C
Use Cases
Insurance, Utilities, Gig Economy, Payroll, and vendor/supplier disbursements
Sent Via
The RTP network Operator
The Clearing House
Institution Reach
Reaches 61% of US DDA's
Regulatory
Uses ISO 20022
Funding
Prefunded amounts into a joint account (does not earn interest or count toward reserve requirements)
Liquidity Management Tools
No Liquidity Management Tool (Fedwire payment required to cover liquidity)
The FedNowSM Service
Availability
24/7/365
Source/Destination
Account to Account
Limits
$500K
Business Segment
B2B, B2SMB, B2C, P2P
Use Cases
Insurance, Utilities, Gig Economy, Payroll, and vendor/supplier disbursements
Sent Via
The FedlineSM network
Operator The Federal Reserve
Institution Reach
Expected to reach 100% of US DDA’s
Regulatory
Uses ISO 20022
Funding
Can use their master accounts which earn interest and count toward reserve requirements
Liquidity Management Tools
Liquidity Management Tool (LMT) which supports instant payment liquidity transfers between FedNow Service participants and financial institutions with real-time capabilities.
The road to US real-time payments adoption: Use cases, use cases, use cases
Discover how financial institutions should be approaching real-time payments as customer demand accelerates.
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