The Slow Road to Faster Payments

As a general maxim, ‘better, faster and cheaper” wins in the marketplace. The broad rollout of faster payments in the US is set to test this idea. As widely communicated, the Federal Reserve launched its faster payments service, FedNow, on July 20. Together with The Clearing House’s RTP and Nacha’s Same Day ACH, the US now has three world-class faster payment systems; will they be used?

The Great Payments Engine

The number of payment transactions in the US has grown by 5.1 percent per year, on average, over the past 20 years. Through recessions and a pandemic, the payments market has proven to be remarkably resilient, easily outpacing GDP growth. This point-of-view explores what’s powering this incredible payments engine.