How Financial Institutions Can Plot Their Instant Payment Strategy

Consumers and businesses alike are clamoring for faster and easier payment options. With the recent launch of FedNow, as well as the continued presence of The Clearing House’s RTP network, instant payments are poised to transform money movement in the United States. This will require careful consideration and planning by financial institutions as they assess the needs of their customer bases, the potential for growing revenue, and the products and services they want to push out to consumers and business clients.

This Javelin Strategy & Research report looks at U.S. instant payments, assessing the differences between FedNow and RTP, the essential use cases, and the factors financial institutions must sort through as they plot out an instant payment strategy.

Key questions discussed in this report:

• Why are instant payments important for financial institutions?
• What factors do financial institutions need to consider when implementing instant payments?
• How can financial institutions implement instant payments from FedNow and RTP?

Companies Mentioned:

ACI Worldwide, Amazon, Bank of America, BNY Mellon, Citibank, DailyPay, DraftKings, Early Warning Services, EMTransfer, ESC Fin, Inc., Federal Reserve, FedNow, Fifth Third Bank, FIS, Fiserv, Jack Henry, KeyBank, Kroger, Mazooma, McDonald's, Open Payment Network, PartyPoker, Pidgin, PNC Bank, RTP, Santander Bank, Star One Credit Union, Target, TD Bank, The Clearing House, U.S. Bank, U.S. Department of the Treasury, U.S. Faster Payments Council, Venmo, Verizon, Vertifi Software, Wells Fargo, Zelle