Proponents of faster-payment services, which enable real-time or nearly real-time transfers, may need a bit of patience for larger-scale adoption of the technology. Fifty-six percent of attendees at the 2019 Nacha Payments conference in May said it will take at least a year, and possibly more, for their companies to implement real-time payments, finds TD Bank in a report released Tuesday. The survey canvassed 498 payments professionals. Only 22% said they will participate in real-time payments within the next year.
Among the options are same-day ACH credit and debit transactions via the Nacha network, real-time payments from The Clearing House Payments Co. LLC, and a variety of other services from the private sector. Looming, perhaps as soon as 2023, is FedNow, http://www.digitaltransactions.net/its-official-the-fed-is-jumping-into-real-time-payments-with-fednow/ a real-time payments service from the Federal Reserve.