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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
Since 2015, there have been 5 major developments in B2B Faster Payments:
- In 2015, the Fed Reserve’s release of detailed faster payments strategies, followed quickly by:
- 2016’s addition of Same Day ACH (SDA) credits & then in the same year SDA debit
- The launch of a Real-Time Payments (RTP) platform by The Clearing House (TCH)
- The Zelle launch by Early Warning in June of 2017
- And new card network-based account transfers from Mastercard (Send) and Visa (Direct)
- Add to the mix the new FedNow initiative with current predictions of a 2023 or 2024 implementation
- Meanwhile, Real-Time Settlement now carries the ISO 20022 messaging standard – a lot of innovations in a small-time!
About the 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 faster payments solutions for clients as business interest rises.