Real-time payments (RTP) are not ubiquitous… yet. Nevertheless, it would be shortsighted to think that their only value is in their immediacy or that their only application is in the GIG economy. While there is no government mandate for real-time payments in the United States, the launch of a second real-time payment rail led by the Federal Reserve is a good indicator of the change ahead.
The evolution of payments is being increasingly driven by our demand for immediacy, as corporate practitioners and as consumers. In this context, the immediacy, transparency, finality and certainty of real-time payments have created a vast array of use cases for the payments industry. In fact, the U.S. Faster Payment Council lists over 130 use cases that go well beyond basic consumer technology applications.