This new research report discusses the impact of this initiative on all participants.
The financial services industry is aligning resources behind the development of faster payment services and beginning to launch products that have a faster payments component. This research projects that faster payments in the U.S. will reach $255 billion by year end 2018 considering business-to-business, business-to-consumer, consumer-to- business, and person-to-person channels and all currently available faster payment types including same day ACH.
The launch of new solutions and the growth of faster payments in the United States compelled an update to our report earlier their year forecasting the trajectory of faster payments, comments the author of the report. This documents will be a touchstone for upcoming reports on adjacent topics including fraud mitigation in the era of faster payment and the role of cryptocurrencies.
Review of concepts and definitions that are critical to the understanding faster payments and real-time payments
Review of current faster payment platforms in the U.S., how they operate, and current transaction volumes.
Analysis of impact of faster payment's evolution on payment industry stakeholders.
An update to Mercator Advisory Group's faster payments projections
One of the most anticipated new payment capabilities in the United States has to be the promise of new faster and real-time payment networks, systems that will be all new from point of entry to final settlement. They will be built on new, modern, flexible technology to better support the development of new products as the U.S. financial institutions inch toward a more open banking system.
In light of the considerable resources now dedicated to faster payments, research report takes a look at the work in progress and seeks to provide comprehension of the terms used to describe faster payments, the important concepts driving its development, and the current faster payments platforms in use, including how they operate, processing volumes, and use cases where these platforms are gaining traction. An updated forecast of faster payments volume is provided to reflect the most up-to-date trends. The current benefits and constraints that need resolution are identified, the objectives and roles of the market participants are outlined, and where resources will be devoted next to move the evolution of faster payments forward is predicted.
Key Topics Covered:
Faster Payments Concepts Ubiquity Social Tokens or Aliases Irrevocable Transactions ISO 20022 Request for Payment
The Current US Platforms: An Update Same Day ACH Zelle (Early Warning Systems) Push-to-Card Payments; Mastercard Send and Visa Direct The Clearing House RTP
Value and Constraints of Faster Payments
Impact on US Payment Market Participants Platform Providers Technology Integrators, and Software Developers Financial Institutions and Fintechs