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Scoop.it!
As the only two real-time payments rails in the U.S., the rivalry between RTP and FedNow could get intense, but maybe not. 
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Scoop.it!
Payment volume on the ACH Network experienced record growth in 2020 as the pandemic accelerated the nation’s shift to electronic payments.
Vineet Anand's insight:
Digital growth in pandemic drive results in 2 billion new payments added and $1T increase eight year in a row. Even if you remove direct deposit for government assistant payments, the shift towards ACH usage is significant. Paper check volume declined 21% - that is a biggie!
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Finextra: US bank-backed ACH The Clearing House (TCH) has signed a letter of intent with VocaLink to help build and deliver the core elements of a new real-time payments system.
Vineet Anand's insight:
Vocalink to develop real-time payments for US market in a recently signed LOI with TCH. Good to see some progress as US falls behind a number of countries in delivering real-time payments for consumers and businesses.
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Vineet Anand's insight:
Dwolla removed 25 cents transaction fees! It will charge on a tiered basis for specialized services.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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TCH RTP and FedNow interoperability in question with FedNow having launched last week giving FI's greater choice across two RTP rails. The two real-time rails it seems for now will not compete on price and their lack of interoperability will require FI's to choose one over the other given difference around RTP settling with NY Fed and FedNow via Fed's master account - the later. might be preferred by FI's.
Real-time rails have greater adoption opportunity in creating value for consumers (overdraft, payment scheduling) and businesses (24x7 operation) to be leveraged. A singular real-time system will need to prevail or interoperability will need to be established for wider use across US market.