New Faster Payments Solutions Being Launched at a Rapid Pace in the U.S.
BOSTON (PRWEB) February 16, 2018 -- The Federal Reserve has challenged the U.S. payments industry to have a real-time faster payments solution in place by 2020. This is an aspirational deadline since a great number of issues are yet to be resolved. Nonetheless, payment platforms and products that offer the ability to send and receive transactions within seconds (or at least minutes) are beginning to be launched in the United States. Not since ACH and wire transfer became available has a truly new way to move money been introduced.
Mercator Advisory Group’s new research report, Faster Payments: U.S. Forecast, 2017–2021, discusses progress to date in the United States on the faster payments initiative. Mercator offers its projections through 2021 of the dollar volumes for person-to-person (P2P), business-to-business (B2B), business-to-consumer (B2C), and consumer-to-business (C2B) transactions, stating that adoption will depend on the value that faster payments provides the counterparties, the comparative price of a faster payment option, and the number of competing options available in the market. The report discusses four leading faster payments solutions with compelling use cases: Zelle, Mastercard Send and Visa Direct push payments, The Clearing House RTP product, and same day ACH.
“Without a regulatory mandate requiring uniform adoption of a single platform for faster payments, the U.S. market is developing several solutions to move payments quickly. At this early stage of faster payments development, we have seen creative development for specific markets and use cases. This approach is fostering a competitive market with multiple options, but for financial institutions, processors, and other participants, it will be difficult to know when, how, and with which services to jump into the faster payments fray,” comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group, and author of the report.
Highlights of the report include:
• Projected volumes for the U.S. faster payments market by segment through 2021
• Comparison of available solutions including data formats, relative market pricing levels, transaction limits, and other characteristics
• Definition of the material differences between faster payments and real-time payments
• Analysis of the potential for the Federal Reserve to play a more active role in support of this new payment type
This report has 16 pages and 4 exhibits.
Companies mentioned in this report include: Bank of New York, Early Warning, Google, Mastercard, PayPal, The Clearing House, U.S. Bank, and Visa.
Members of Mercator Advisory Group’s Debit and Alternative Products Advisory Service have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
For more information and media inquiries, please call Mercator Advisory Group's main line: 1-781-419-1700, send email to info(at)mercatoradvisorygroup(dot)com.
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.
Karen Yetter, Mercator Advisory Group, http://www.mercatoradvisorygroup.com, +1 (781) 419-1703, [email protected]
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