Demand for instant and peer-to-peer (P2P) payments is heating up, and financial institutions (FIs) are seeking to cater to that need, knowing that if they don’t, their customers are likely to turn elsewhere. This month’s Faster Payments Tracker™ explores the latest developments, as FIs and other companies seek to provide or tap into accelerated payment services.

 

Around the Faster Payments World

Early Warning Service’s Zelle appears to be taking off in the U.S. Over the past two years, demand for mobile and digital P2P payments has risen notably (to the point that many FIs now consider such services a must-have), said Fiserv’s Jeff McCrory, director of product marketing. At present, about 5,100 FIs offer Zelle.

Similarly, in Europe, EBA Clearing’s RT1 system for real-time consumer and business payments appears to be taking off. The company announced new uptake by German payment service providers (PSPs), bringing its reach to a total of 1,700 such entities in the country, with more slated to join in coming months.

 

Read more...