InstaPay, Accenture, Citizens Bank, Avidia Bank
With over 10,000 financial institutions, 21 million business payers, and an $18 trillion economy, the U.S. is world's largest and most complex marketplace for payment services. Compared with nations where a relatively small number of banks dominate the entire financial system, any plan for Real-Time Payments (RTP) in the U.S. must consider the concerns of an exceptionally large and diverse set of stakeholders.
Recognising the need to remain globally competitive – and to be able to connect with RTP systems around the world, The Federal Reserve’s Faster Payments task force set goals for a new payments system that included near-instantaneous transactions. The Clearing House launched RTP in November 2017, to meet these goals. Other instant payments solutions exist in the U.S. such as PayPal’s Venmo and Early Warning’s Zelle, but how is the market moving towards the Federal Reserve’s 2020 deadline for ubiquitous instant payments? Without any top-down mandates, encouraging innovation via a market-driven approach relying on voluntary collaboration among payment services and stakeholders can be a challenge. How are payments players reacting?
Overlay services – social media integration, instant loans, request for payments – and open APIs (Application Program Interfaces) provide innovations that encourage consumers and businesses to use real-time payments. How is the U.S. moving forward with these innovations?
Time: 11am EST / 4pm BST