Same Day ACH: NACHA has proposed opening more processing windows, which will help process ACH transactions more quickly. The governing body for the ACH system will also increase the per-transaction volume from the current $25K to $100K. Same day ACH is a premium priced solution where originating banks pay $0.0052 per transaction – banks are currently subsidizing same day ACH, so the price is expected to rise.
Zelle (Early Warning Systems): The large owner banks, who own the service as well as 50% of US checking accounts, quickly adopted Zelle. But smaller institutions are waiting on potential alternatives. The Clearing House’s RTP system is the front runner alternative. In the first six months of 2018, Zelle processed 183 million transcactions totalling $63 billion across 29 financial institutions. Another 140 banks have signed agreements coming online.
Push-to-Card Payments: Mastercard & Visa Direct’s existing debit network affords them a competitive advantage in reach – nearly everyone in the US has a Mastercard or Visa branded card in their wallet. B2C activity in the form of rebates & refunds, as well as international cross border multicurrency transfers, are areas of recent focus.
The Clearing House RTP: aligns most closely with the desired outcomes stated by the Federal Reserve’s Faster Payments Task Force – to build a platform for banks, fintechs, and developers to build a product for any market need. However, the solution lacks the social tokens (email, phone numbers) which enable alternative faster payment solutions