Faster Payments Coming Soon: The Path to Near Real-Time Payments in the U.S.

DUBLIN, January 26, 2015 /PRNewswire/ --

Dublin - Research and Markets (http://www.researchandmarkets.com/research/27n5rq/faster_payments) has announced the addition of the "Faster Payments Coming Soon: The Path to Near Real-Time Payments in the U.S." report to their offering.

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Real-time payments can be found in a dozen or so countries around the world but the need for faster payments is just beginning to recognized in the United States. The U.S. is among a handful of countries now in process of planning of implementing national real-time payments, but confusion remains as to what is meant by real-time payments and when real time is important.

Faster Payments Coming Soon:

The Path to Near Real-Time Payments in the U.S., explores the current state of real-time payments and the market need expressed by consumers, companies, and banking and payments professionals. Real-time payments are clearly needed in certain scenarios. Real-time funds availability is often needed for emergency insurance claims disbursements, government disbursements and collections, payday loan disbursements, and person-to-person (P2P) payments or funds transfers, among other situations.

Near real-time payments are acceptable in situations such as corporate disbursements, e-commerce payments, and expedited bill payment. In practical terms, ACH batch mode processing will always be acceptable in some payment scenarios (such as payroll), while in others, funds must be available in real time and consumers are willing to pay extra for the service. Settlement of funds need not occur in real time, however.

This research report covers real-time definitions and types, market needs, and the historical development of real-time payments outside the U.S.

Real-time payments in the U.S. are becoming tangible. With the Federal Reserve ramping up its efforts, FIS PayNet going live in 2014, Dwolla and BBVA Compass partnering up, The Clearing House jumping into the act and claiming a role in real-time payments, and ACI UP Framework providing infrastructure to other real-time payments around the globe, real-time payments in the U.S. is now a stone's throw away.

The key is for the industry to come to a consensus as to where ACH ends and near real-time or actual real-time payments begins. We found real-time being defined based on two different sets of criteria, with real-time authorization/clearing and then availability of funds being important to consumers and merchants. In reality, real-time movement of funds is not a critical component of the real-time ecosystem, comments Ron Mazursky, the author of the research report.

Highlights of this research report include:

• Definition of real-time payments
• The market need for real-time paymentswhat consumers say they prefer and banking and payments industry professionals expect
• Summary of market implementation of real-time payments by country
• Three developments of real-time payments in the U.S.Federal Reserve plans, FIS Global PayNet, and the ACI Worldwide UP Framework
• A discussion of future developments in real-time payment networks in the U.S.

Key Topics Covered:

Executive Summary

Introduction

Defining Real-Time Payments

The Market Need

• Consumer Need and Preferences
• Industry Expectations

Faster Payments/Real-Time Payment Networks Outside the U.S

• Overview

Development of Alternative Real-Time Payment Networks in the U.S.

• Government Real-Time Payment NetworkFederal Reserve System
• Private Real-Time Payment NetworkFIS PayNet
• Vendor-Supported Real-Time Payment NetworkACI Worldwid

Future Developments in Real-Time Payment Networks

• clearXchange
• Dwolla
• The Clearing House

Conclusion

For more information visit http://www.researchandmarkets.com/research/27n5rq/faster_payments

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