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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
Timeline: The Fed’s Real-Time Payments Announcement
- In 2014, the Fed released studies analysing the impact of real-time payments in the US
- In 2015, the Fed published its Effectiveness Criteria developed with the Faster Payments Task Force
- The Fed gave The Clearing House approval to launch its RTP solution in 2015 without signal they might launch their own
- In 2018, the Fed asked for public comment on its role in faster payments including building its own solution
- Smaller banks and large retailers clamored for an alternative solution in order to promote competition
- In August 2019, the Fed cites that 90% of its feedback championed Fed involvement in faster payments
- Target implementation of FedNow is slated for 2022-2023
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 faster payments solutions for clients as business interest rises.