Fearful of being the last one standing, banks and credit unions of all sizes will become more aggressive about real-time payments — or risk getting left in the past.
Instant availability of payroll funds, insurance payouts, disbursements, mortgage transfers and property sales and emergency funds access will become the norm, driving further fintech development and payments industry consolidation.
The avalanche is already beginning, as waves of larger financial institutions go live with The Clearing House’s Real Time Payments (RTP) network. The first community bank is piloting RTP and dozens more smaller institutions are poised to follow in early 2020.