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Real-Time Payments in the US: Speeding Up or Slowing Down?

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7 July 2021

Abstract

In many parts of the world, real-time payments are part and parcel of daily life, and have been for many years. More than 50 countries have systems, with some more than 40 years old and many processing in excess of 1 billion transactions a year. Yet one country stands out. Of the largest 15 countries ranked by GDP, the US is alone in not having significant volumes of real-time payments yet. We set out our opinions as to why this is, and highlight that many of the perceived barriers are just that - perceived. In fact, they create a great opportunity. But more importantly, by not providing to their clients, they are ignoring their own clients demands. The time for US real-time payments is in fact now.