Will Real-Time Payments improve the payment process?

Epic Merchant Services

Mobile technology and electronic payments are driving the need for a safer and faster payments system in the U.S. The Clearing House is responding with Real-Time Payments (RTP) a new real-time system for all U.S. financial institutions to use as a platform for payments innovation.

Financial institutions will take advantage of RTP’s capabilities to create or improve digital services for their corporate and retail customers.

Nearly 80 percent of global merchants believe real-time payments will eventually replace the use of payment cards, according to new benchmark data from ACI Worldwide.

The  benchmark, comprised of responses from executives across the retail,  digital goods, hospitality, telecom and travel sectors, also revealed that 65 percent of executives reported interest in accepting real-time payments, up from 57 percent last year.

“As the survey has shown, real-time payments  and security are clearly top of mind for merchants today,” Mike Braatz, senior vice president ACI Worldwide, said in a press release. “Driven by customers’ shifting preferences in how they purchase and the channels they purchase through, merchants are finding the need to improve the  customer experience and operating efficiency to maintain a competitive edge now and in the future.”

For the 2018 Global Payment Information Survey, Ovum and ACI Worldwide partnered to run a  22-question survey across a global panel of executives, with a focus on retail banks, billing organizations and merchants. The companies  conducted the survey between December 2017 and January 2018. Overall, it  included a total of 1,032 executive respondents across 13 industry sub verticals in 19 countries, resulting in 225,000 separate data points on current perceptions and investment plans around payments technology on a global basis.

The Clearing House is working with providers of core processing and payment services, bankers banks, and corporate credit unions to ensure that every financial institution in the U.S. has an easy way to access the RTP network in the near future.