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Real-time payments in the USA: What is holding us back?
Journal of Digital Banking,
3
(4),
361-370
(2019)
Abstract
In November 2017, the USA finally entered the real-time account-to-account payment arena with the go-live of real-time payment (RTP) from The Clearing House. This paper explores the business opportunities RTP offers banks and financial institutions across a variety of consumer and business use cases, especially business-to-business (B2B) transactions. It also examines the unique challenges the US market poses for the adoption of RTP, relative to similar initiatives in other geographies. Finally, the paper concludes with a set of practical recommendations for financial institutions contemplating an RTP journey.
Keywords: RTP; real-time payments; faster payments; B2B; receivables; request for pay
The full article is available to subscribers to the journal.
Author's Biography
Vinay Prabhakar is an executive and subject matter expert in payments and transaction banking, with over two decades of experience helping leading financial technology companies (FinTechs) and banks to grow and thrive. He is currently Vice President, Product Marketing at Volante Technologies, where he drives thought leadership, content development, and go-to-market strategy for Volante’s payments, capital markets, and financial messaging and integration technology solutions. Highlights of his prior roles include: Head of Market Strategy for Payments, and Head of Solution Marketing for the Americas for Finastra; Head of Global Product Marketing for Transaction Banking for D+H (now Finastra); Vice President, Product Marketing for Dovetail (now Fiserv); and management positions in product management, solution consulting and line-of-business leadership at Bottomline Technologies, including serving as managing director for Bottomline’s Asia-Pacific division. A sought-after speaker, he has frequently presented or served as a moderator at the National Automated Clearing House Association (NACHA) Payments Conference, the Bankers Association for Finance & Trade (BAFT), CEB/Gartner, McKinsey GCI and many other industry forums. As a writer and thought leader, he has been quoted or has authored articles in publications as diverse as PaymentsSource, gomedici, BankInnovation and Tearsheet. His current focus is payments innovation in all its forms, from real-time payments to open banking to distributed ledger technology (DLT).
