Need for Speed – The Reality of Real-Time Payments in the U.S.
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The document discusses the need for real-time payments in the U.S. It provides an overview of the key drivers pushing for faster payments, including the digital age, technological innovations, consumer preferences for immediacy, and the need to reduce costs. The document also outlines the differences between faster payments and true real-time payments, describes some global examples of real-time payment systems, and details the proposed real-time payment system in the U.S. called The Clearing House Real-Time Payments system.
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Need for Speed – The Reality of Real-Time Payments in the U.S.
- 1. Need for Speed – The Reality of Real- Time Payments in the U.S. Wednesday May 11, 2016 | Framingham Sheraton Hotel and Conference Center | MA
- 7. http://www.qinsights.net 7 4.Pressure to Reduce Costs
- 11. http://www.qinsights.net Faster Payments versus Real-Time Payments 11 Faster Payments Accelerated payments from established schedules e.g., reducing payment times between different banks' customer accounts from days to same day ACH Real-Time Payments Instant or immediate payments; an interbank account to account payment posted and confirmed to receiver and originator in less than a minute 60 seconds
- 12. http://www.qinsights.net Payments can be made 24 x 7 x 365 – not all systems operate at these levels, but process payments nearly every day during specified times Completed instantaneously – majority within 1 minute Finality – cannot be reversed Certainty – confirmed as either completed or rejected ISO 20022 – underpinning standard of many payments systems Common Characteristics of Real-Time Payments
- 13. http://www.qinsights.net Global March to Faster Payments 13 BiR IBPS CIFS (TEF) TIC-RTGS RTC Instant Payment (NIP) Greiðsluveitan The Clearing House RTP pockets of innovation Same Day ACH NPP NOTE: Live or in development, excludes planned initiatives
- 14. http://www.qinsights.net Faster Payments Across Select Global Markets 14 1973 2014 Japan was the first country in the world to implement real-time payments. 2012 UK was an early adopter of faster payments with nearly 100% reach today.2008 2017 2018 Sweden was the first major adopter of ISO 20022 for real-time payments system BiR. Swish, an app owned by six Swedish banks, is an overlay service built on the BiR real-time payments system to enable P2P and consumer-to-business real-time mobile payments. Australia’s New Payments Platform is expected to be operational in the second half of 2017. Supported by 13 banks, it will provide the infrastructure for low-value payments, providing businesses and consumers with 24x7 services. The European Banking Authority’s Instant Payment Task Force is working on a pan-European solution for instant payments processing. Singapore’s Fast and Secure Transfers (FAST) is a real-time payments initiative from the Association of Banks (ABS) serving both consumers and businesses.
- 16. http://www.qinsights.net Same Day ACH 16 Rule finalized May 19, 2015 Requires acceptance of same-day ACH items Allows optional origination of same-day ACH Origination institution would pay a “Same Day Entry Fee” (5.2 cents) to the receiving institution Phase 1 September 23, 2016 Same day ACH credits Phase 2 September 15, 2017 Adds same-day ACH debits Phase 3 March 16, 2018 Adds a second mid-day settlement time
- 17. http://www.qinsights.net 17 Founding Members (2011) DIRECTORY Your Bank Friend’s Bank Network Participants
- 18. http://www.qinsights.net 18 How it works….
- 20. 20 The Clearing House hosts the RTP core infrastructure for the U.S. Financial Institutions will have the ability to directly connect to the RTP core infrastructure to provide real-time payments capability and value-added services to its customers and clients. Third-Party Service Providers will be able to directly access the RTP network and provide access to FIs that may not want to connect directly to the RTP system. Correspondent Banks, Banker’s Banks, Community Banks and Corporate Credit Unions, will provide connections to the RTP network as well as settlement services for FIs that may not want to connect directly to the RTP system. 1 2 3 4 5
- 21. 21 From this… To this… Instant and bilateral › Synchronization › Latency › Liquidity › Risk › Visibility › Fees
- 22. http://www.qinsights.net 22 › Lower fees: free micro- transactions (under $10); 25 cents transaction fee › “Instantaneous transfers” › Agnostic to payment type i.e., P2P, B2B, C2B, B2C, G2B, B2G, etc.
- 24. 24 Thank You – Questions? Let’s Connect… Nasreen Quibria| Managing Director & Founder nasreen.quibria@qinsights.net (m) 617.388.6207 nasreenquibria @nquibria