Real-time payments (RTP) have been discussed for decades, but they only achieved true momentum within the last few years. Industry changes, combined with the effects of the pandemic, have accelerated the trajectory for mass-market adoption of real-time payments. The U.S. payments industry is rapidly moving to a true digital payments era with a vast increase in new payment technology coming online. In 2017, The Clearing House (TCH) launched the RTP® Network, which was the first central clearing and payment system to come online in over 40 years. Also, FedNow is introducing its own RTP facility in 2024, and changes to the Fedwire system have provided longer windows with same-day ACH. At the same time, the COVID-19 pandemic has placed immense strain on cash flow, supply chain operations, and the financial status of households, driving the need for real-time payments forward.

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