“The future success of real-time payments platforms owned by the Federal Reserve and the largest U.S. banks hinges on whether financial institutions and fintechs can find real-world uses for the technology. Real-time payments are still in their infancy in the U.S.: The Clearing House, a company owned by Bank of America Corp.; JPMorgan Chase & Co.; Citigroup Inc.; Wells Fargo & Co.; and other large banks launched the nation’s first real-time payment platform, or RTP, in 2017, while the Fed has scheduled a production rollout of its own planned platform, the FedNow Service, for May to July 2023. RTP has shown steady growth since its launch, but its $19.7 billion of processed payments during the third quarter were a tiny portion of the trillion-dollar U.S. payment market. The planned launch of FedNow has rekindled banks’ discussions about faster payment offerings, but many banks, especially smaller ones with limited resources, are unsure about the operational setup and the potential for monetization, Mark Majeske, senior vice president at payments company Alacriti Inc., said in an interview.”