Digital Wallets are Evolving – What Does This Mean for Financial Institutions?

The rise of digital wallet technology demonstrates a significant shift in consumer payments behavior, with solutions such as Venmo, Zelle, Apple Pay and PayPal dominating the market. In fact, over 3.5 billion people worldwide are using eWallets, and that number is expected to grow to 5.2 billion by 2026.

Instant Payments & the New World of Finance – What Does This Mean for FIs and SMBs?

In July, we celebrated one year of the Federal Reserve’s FedNow Service. This launch marked a significant turning point for payments in the United States, allowing many consumers and businesses across the country to send and receive funds from their accounts in real time, 24/7/365.

Buy, Build or Partner for Instant Payments

Although instant payments appeared on the US banking scene in 2017 with The Clearing House’s Real-Time Payment (RTP®) Network, the adoption of faster payments hasn’t been instantaneous.In the summer of 2023, the Federal Reserve launched its own instant payments network, FedNow Service.

An Insider’s Perspective on Pay-by-Bank

Over 268 million consumers completed online transactions in 2022 – over 80% of all Americans. Meanwhile, credit card processing fees in the U.S. are the highest in the world, and credit card fraud is also on the rise, making both merchants and consumers reevaluate how they transact online.

APIs & Instant Payments: Exploring What’s Possible

Application programming interfaces (APIs) have become a cornerstone of modern fintech solutions, allowing for the rapid development and implementation of new services and functionalities that could completely revolutionize the way financial services are delivered and consumed.

FedNow Onboarding: Testing 123

A lead actor would never skip rehearsal before the premiere, right? They would practice their lines and attend multiple dress rehearsals before the big day.

FedNow 101: Establishing Your Connection

The world of financial services is rapidly changing with the emergence of real-time payments, which have been made possible in the U.S. thanks to the launch of instant payment rails, such as the Federal Reserve’s FedNow® Service.

RTP® versus FedNow: Where should you start with faster payments?

Between faster payment rails like the Federal Reserve’s FedNow Service, The Clearing House’s RTP®, and even Same Day ACH, there are a growing number of payment options for today’s financial institutions.

Should a Fintech Partner Fuel your Faster Payments Strategy?

A fundamental shift is happening to the banking industry as solutions like FedNow and The Clearing House’s RTP network continue to grow in popularity.

Faster Payments: Flexibility, Strategy Matter as Much as Speed

Real-time payments are expected to see a 29.8% compound annual growth rate (CAGR) through 2026 as consumers and businesses seek faster access to funds and immediate settlement times. This year, the Federal Reserve’s FedNow service will also launch and further boost adoption of faster payments.

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