Payments innovation runs at multiple speeds. Changes in how a payment is initiated happen almost every day. Payments infrastructure change is a lot slower. But it’s happening. Nudged forward by the Federal Reserve’s Faster Payments Task Force, we are seeing the launch of the first entirely new payments system in decades. Called Real Time Payments (RTP) the new system switched its first real-time payment on November 13, 2017.
Built entirely around the rich payment messaging standard ISO 20022, we have a system that can carry both payment instructions and meta-data about the payment. Data rich, essentially instant, bank-based account to account push transactions could be a game changer.
Join George and Steve Ledford, Senior Vice President, Product and Strategy, at The Clearing House (TCH) as they discuss the spread of real-time payments systems around the world and take a deep dive into RTP’s operation, rules, and use cases.