Time to develop real-time?
by: Samantha Paxson
Let’s just say it: Faster is better. And better still, 2015 may be the year for real-time payments. According to The Fed, 69 percent of consumers and 75 percent of business payees already want accelerated payments. Intuitively, those numbers seem conservative. Given a choice, who wouldn’t want their payments to post instantly?
Beyond the obvious consumer demand, though, there are market forces driving fast adoption of real-time payments.
- The Fed is looking to speed up the ACH process. Though the Fed is admittedly not known for rapid technology rollout, it is exploring the feasibility of a faster payments system. When and if this materializes, look for expectations to accelerate across the board.
- Mobile payments are gaining traction. Though new products like Apple Pay speak to user experience more than fast payment settlement, the adoption of mobile payments is going to create an expectation of speed.
