The financial services industry is in the midst of implementing its latest wave of payments innovation — real-time payments — but the debate over the pending FedNow network has stifled progress.
Although the infrastructure for this technology has already been developed in several countries, the United States has just begun to build momentum around a domestic network. The Clearing House’s RTP network is the only viable option existing today that can support both consumer and commercial use cases for secure, reliable and instantaneous transactions in the nation.
Consumers and businesses should not bear the burden of waiting. Commercial enterprises have the greatest opportunity to radically reshape their payments processes but are handicapped by inefficiencies across legacy payment rails.