The payments landscape is rapidly evolving. Consumers are increasingly using mobile devices to make purchases, and they expect to receive their items quickly. In response, businesses are looking for ways to streamline their payment processes. One solution is faster payments. By utilizing the latest technology, businesses can send and receive payments in real time. This means that consumers can get their items faster, and businesses can avoid the hassle of delayed payments. In addition, faster payments can help businesses to save money on transaction fees.
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Data for today’s episode is provided by Mercator Advisory Group’s report – Business-to-Business Faster Payments: Market Review and Forecast 2018–2023
2019 will be remembered as a pivotal year in US Faster Payments:
- Same-Day ACH achieved Q1 & Q2 growth rates over 100% of the year prior
- 25 more banks joined The Clearing House’ Real-Time Payments platform
- Over 50% of US bank accounts are now connected to The Clearing House’ Real-Time Payments platform
- P2P real-time payments will become ubiquitous, Zelle continues double-digit growth rates
- Business to Consumer payments gained ground in insurance, refunds, rebates and expense reimbursements
- Consumer to Business payments take shape around new products:
- Mastercard’s Bill Pay Exchange Service and TCH’s Request for Pay service pioneer B2C payments
About this Viewpoint
The pace has increased in the march toward ubiquity. Financial institutions of all sizes should be actively delivering or planning to incorporate one or more of the existing solutions for clients as business interest rises.
