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Waterhouse said the big evolution for the year ahead will involve taking what are now typically debit transactions like check or automated clearing house (ACH) debit and migrating those to the RTP network combining a Request for Payment (RfP) with a consumerauthenticated RTP payment.
per RFP message, charged to the requestor. To combat this, firms can implement automated validation systems to check the accuracy, authenticity, and compliance of payment transactions in real time. Additionally, banks may be holding back because of the fees that come with participating in FedNow.
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