PYMNTS

APRIL 2, 2019

When The Clearing House (TCH) unveiled the Real-Time Payments (RTP) system in 2017, it propelled swifter payments and brought about the next generation of fund transfers. It wasn’t the first to roll out such a system, but it was the first “major payments upgrade” in the U.S. Real-Time Utilities Payments .

Real Time Payments 49

Real Time Payments RTP Payer Irrevocability 49

Nanonets

SEPTEMBER 1, 2023

The absence of immediate bank payment options has spurred the proliferation of various digital wallets like Venmo. The US must catch up in adopting real-time payment systems and notably needs to secure a place within the top 10 nations. This feature optimizes accuracy and expedites the payment process.

FedNow 52

FedNow Wire Transfer Federal Reserve ACH 52

Seon

JULY 27, 2023

FedNow works by offering banks, credit unions, and other organizations such as retailers a system where they can utilize instant payment services that go through this core process: The payer (e.g. an employer paying an employee their wages) uses an app provided by their credit union to request the desired payment.

FedNow 40

FedNow Federal Reserve ISO 20022 Fraud Detection 40