The road to real-time payments - where are we now?

The growth of Same-Day ACH transactions has increased by 6.4% over the first quarter of 2022, driven by consumers and small to medium-sized businesses using ACH for faster bill pay, account funding, and high-value purchases. Plaid creates synthetic real-time ACH payments with its Signal product, which uses machine learning to determine low-risk transactions and speed up funds availability. Real-time payments are currently limited in coverage, but emerging options like RTP from The Clearing House and FedNow from the Federal Reserve will improve coverage and offer more payment choices to businesses and consumers. Fraud prevention is crucial for real-time payments due to their irrevocable nature, and the adoption of bank payments will create a flywheel effect, driving consumer expectations for faster payment options and company investment in user experience optimization.

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