Why Banks and Credit Unions Need Multiple Real-Time Payments Options

Real-time payments occupy a unique niche in the payments industry, both for its diversity and its rapid growth. The Clearing House RTP® network processes more than $16 billion each quarter, and Zelle processes more than $120 billion. Direct push payments such as Mastercard Send and Visa Direct settle payments in less than thirty minutes and usually within seconds, and same-day Automated Clearing House (ACH) payments settle within hours.

All these options have different use-case benefits and combine to create a very rich environment. However, this level of choice can confuse financial institutions (FIs) as they discern where to place their bets based on what their customers will find most important.

To learn more about how FIs need multiple payment rails to achieve true payments innovation and why it is key for FIs to access rails through a unified “payments hub,” PaymentsJournal sat with Mark Majeske, SVP of Faster Payments at Alacriti, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group.

Listen to the podcast here and download our recap of the discussion.