U.S. Real-Time Payments: A Catalyst for Payments Modernization

Foreword

This report, sponsored by Volante Technologies, reviews the challenges and benefits associated with banks’ adoption of real-time payments in the United States given the increased options that are currently available.

This research report was independently produced by Javelin Strategy & Research. Javelin Strategy & Research maintains independence in data collection, findings, and analysis.

Overview

Real-time payments have been available to U.S. financial institutions since 2017 with the launch of the RTP network by The Clearing House. The upcoming launch of FedNow provides yet another option for banks to offer capabilities to meet the growing demand for modernized payments products. In this research paper, we discuss the current state of real-time payments, review the multiple use cases being met, and discuss the benefits and challenges associated with the many options for launching a real-time payments system.