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Data for today’s episode is provided by Mercator Advisory Group’s report – Business-to-Business Faster Payments: Market Review and Forecast 2018–2023
2019 will be remembered as a pivotal year in US Faster Payments:
- Same-Day ACH achieved Q1 & Q2 growth rates over 100% of the year prior
- 25 more banks joined The Clearing House’ Real-Time Payments platform
- Over 50% of US bank accounts are now connected to The Clearing House’ Real-Time Payments platform
- P2P real-time payments will become ubiquitous, Zelle continues double-digit growth rates
- Business to Consumer payments gained ground in insurance, refunds, rebates and expense reimbursements
- Consumer to Business payments take shape around new products:
- Mastercard’s Bill Pay Exchange Service and TCH’s Request for Pay service pioneer B2C payments