Everyone seems to want faster payments — from gig workers to B2B suppliers to parents splitting expenses — but with not all major financial institutions on board, real-time payments stand at chance for mass adoption.
According to an earlier Faster Payments Tracker, it was projected that more than 56 real-time payment rails will be live by 2020. The demand for faster payments is strong in the U.S., but not all financial players agree on how to achieve it, especially within that timeframe.
The Clearing House, a banking association, launched its Real-Time Payments (RTP) network in November 2017. According to the organization, the RTP network currently reaches over 50 percent of U.S. transaction accounts.