Real Time Payments and faster payments are a top agenda item -- according to a recent survey more than 71% of businesses are ‘very’ or ‘extremely’ interested in RTP capabilities. And it is not just a high priority from the business side -- individual’s expectations are shifting to include faster and real-time payments. This has been a long-time coming, with the widespread adoption of P2P apps like Venmo, Zelle, CashApp, and Big Tech like Facebook adding integrated payment options. However, pandemic trends have created the perfect storm to create an opportunity to advance this even more -- as in-person payments decline. While there is still work to be done to come to a widespread RTP reality, the groundwork has been laid, and the future is coming sooner rather than later.
"Real-time payments is getting a lot of noise, especially in North America right now … People want things faster than they ever have before. It’s about convenience, it’s about the use case, it’s about benefitting both sides, but it’s also about the that reality people aren’t willing to wait as long for things and efficiency has to be core to how all business is being run, especially in the B2B space."
EVP - North America Product and Innovation