“Representatives from community banks, credit unions, and corporate end users urged TCH to share as much information as possible about the governance rules that TCH will follow as the operator of the RTP network during a series of one-on-one meetings, as well as during special TCH-hosted RTP information sessions held across the U.S. during the past year.”

“The Clearing House, the operator of the RTP® network, announced that four new seats for community banks and credit unions will be added to RTP Business Committee to expand the type and number of financial institutions that help govern the newest core payments rail to be introduced in the U.S. in more than 40 years.”

““Once we get the merchants and the big institutions recognizing the  benefits of RTP then adoption will rapidly settle in. 2019 is about Request For Payment (RFP). That is going to be a big driver in of new services.” In RFP, a biller can send an electronic request for payment and a customer can respond on a mobile phone or a laptop and make the payment as a credit push, he said.”

“Commercial real-time payments began in the U.S. in November 2017 and by the end of 2018 had reached 11 large banks of the 24 that are owners of TCH. Together they account for about 50 percent of the deposit base in the country, although only a small percentage of the approximately 10,000 financial institutions in the U.S. when you include community banks and credit unions. Individuals can make real-time payments through Zelle, a service developed by large banks.”

“ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and central infrastructure provider, has implemented Malaysia’s Real-Time Retail Payments Platform (RPP) using ACI’s UP Real-Time Payments solution. The first service offered to the public under the platform is DuitNow, an instant credit transfer with a national addressing database that links mobile numbers and national ID numbers to account numbers.”

“To adopt RTP, a client’s IT department or enterprise resource planning (ERP) vendor may need to upgrade systems to allow for sending and receiving payments. Once established, RTP works with existing bank accounts. Users will not be required to share account information or sign up for a separate, third-party service or disclose their account or debit card information. TCH has already reached out to many ERP vendors to help facilitate the use of RTP and payment-related messages.”

“The Signet Platform will leverage blockchain technology in its architecture, allowing commercial and asset management clients to make payments in U.S. dollars 24 hours a day, 365 days a year. Transactions made on the Signet Platform will settle in real time, are safe and secure and incur no transaction fees. Signet will allow funds to be transferred in real-time between commercial clients of Signature Bank, eliminating any dependence on a third party.”

“KeyCorp announced today the launch of its instant payment product with Ingo Money. Through Ingo Push, Ingo Money’s turn-key push payment platform, KeyBank business clients can disburse guaranteed funds in real-time, according to a press release. Ingo Money enables businesses, banks and government agencies to meet consumer demand for instant money proceeds while saving time and money. Through Ingo Money’s platform, KeyBank commercial clients will be able to quickly and easily turn paper checks and ACH deposits into instant, fully guaranteed funds that are immediately available in their customers’ accounts.”

“Debit disbursements are growing in popularity with participants in the gig economy, such as ride sharing platforms and rental marketplaces, where workers expect real time debit payouts for their services. Other beneficiaries of real time debit payments are businesses with high volumes of consumer payouts including insurance claims, rebates, refunds and commissions.”

“But Zelle does not guarantee that misguided money can be retrieved. It warns in its terms of use that: “You are solely responsible for entering the correct mobile phone number or email address for the person you are sending money to… and “you are responsible for any amounts that are transferred to the incorrect person as a result of you entering the incorrect mobile number or email address.””

“A challenge to credit card companies is being launched by the global airline industry and Deutsche Bank with a new electronic real-time payment system for plane tickets that seeks to save carriers billions of euros in transaction fees.  The new system for web-based ticket sales to individual passengers, which does not have a brand name yet, is scheduled to be rolled out across Europe from the end of 2018, with Germany as the first market. “

“This is a multi-step process. Part of the reason it’s that way is because unlike ACH same-day payment, the use cases for realtime payments can involve moving very large sums of money. This type of payment is mainly non-commercial, and applies to B2B, B2P, P2B and P2P in instances such as account transactions, informal services (like babysitting), or non-commerce payments (rent)…Realtime payments, in other words, may required updated cores, something the industry has been slow to embrace=.”