Customer demand for real-time payments is growing and adopting this technological innovation is not optional for banks.
This is particularly critical community banks waiting on the sidelines for the perfect entry point, as the Federal Reserve is considering a new real-time payments option.
However, customers should not have to look to the current non-bank options that offer the promise of speed without the safety and security of insured depository institutions at their core.
Banks of all sizes should be at the leading edge of this change. Access to real-time payments will likely become a deciding factor when consumers and businesses are seeking a new banking relationship. This is why Cape Cod 5 is moving forward to The Clearing House’s Real-Time Payments (RTP) Network now as opposed to waiting for alternative solutions that may or may not come to fruition.