The world today looks very different than it did a decade ago with smartphones and high-speed internet driving a growing demand for fast and convenient payment options."Today, consumers want to send and receive money in seconds – also known as instant payments. The payments industry has worked quickly to meet this demand, but the solutions aren’t without growing pains,” says Ken Montgomery, FedNow program executive. “The time for modernizing our nation’s payment system is now."Watch this new video to learn more about the world of instant payments and the FedNow Service.<div class="res-iframe"><iframe title="YouTube video player" src="https://www.youtube.com/embed/YXHnXOoPC6o" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></div>The Federal Reserve is developing the FedNow Service, a safe and efficient instant payments infrastructure that will modernize the U.S. payment system and enable financial institutions of all sizes to offer customers the ability to send and receive money in near real time, around the clock, 365 days a year.Read the <a href='/resources/fednow-product-sheet.pdf'>product sheet (PDF)</a> and <a href='https://www.frbservices.org/financial-services/fednow/instant-payments-education/index.html'>Instant Payments Education (Off-site)</a> series for more information on the FedNow Service and instant payments.

FedNow Program Executive Ken Montgomery explains why the time is right to modernize the U.S. payment system and how the FedNow Service is paving the way towards a safe and efficient instant payments infrastructure.

Future of Payments

FedNow® Service: Changing the future of payments video

Instant and other types of faster payments can be used for a variety of everyday transaction scenarios. Although some of these scenarios are not yet supported in the United States, as adoption of faster payments continues to grow and extend to an ever-wider array of scenarios around the world, it&rsquo;s important to familiarize yourself with all of them &ndash; they&rsquo;re likely to become part of the payments landscape of the future.Whether purchasing groceries, sharing a meal with a friend or paying for products to run a business, one or more types of faster payments may be a viable option. Take a closer look at the infographic or continue reading to learn about the different types of transactions that benefit from the speed, finality and other features that faster payments offer.<ul><li>Person-to-Person (P2P): These are payments made by individuals to friends, family members or other individuals for a variety of purposes, such as reimbursing shared rent or paying someone to walk the dog.</li><li>Consumer-to-Business (C2B)*: These payments are made by an individual to a business. For example, paying the grocery store for groceries, paying a bill or paying a salon for a haircut.</li><li>Consumer-to-Government (C2G)*: These are payments made by an individual to a government entity. Examples would be paying federal, state or municipality taxes, park passes or licenses.</li><li>Government-to-Consumer (G2C)*: This includes payments from the government to consumers, such as tax refunds, Social Security benefits or stimulus payments.</li><li>Business-to-Consumer (B2C)*: These are payments made by a business to a person, such as a business refunding money to an individual, paying employees their wages or disbursing insurance claims.</li><li>Business-to-Business (B2B): This type of transaction occurs between businesses. This could be a payment to suppliers for inventory or services.</li><li>Business-to-Government (B2G): This includes payments from a business to a government entity, such as federal or state tax payments.</li><li>Account-to-Account (A2A): This is the transfer of funds from a customer&rsquo;s account to another account, typically owned by the same customer, at either the same or another financial institution, such as transferring money from a bank account to a brokerage account.</li></ul>*The term &ldquo;person&rdquo; can be used in place of &ldquo;consumer&rdquo; in these instances. For example, consumer-to-business (C2B) may be referred to as person-to-business (P2B).

Download accompanying PDF for further information about the different types of faster payment transactions

Faster Payment Types

A quick look at different types of faster payments transactions

Consumers and businesses are moving toward technologically advanced payment practices that better align with their ever-evolving wants and needs. The COVID-19 pandemic and associated economic downturn resulted in a rapid increase in faster payments use<a href="#fn1" id="ref1" aria-describedby="footnotes-label" role="doc-noteref">1</a> and a growing demand for a certain type of faster payments called <a href="/resources?id=2">instant payments</a>. If your financial institution hasn&rsquo;t yet considered integrating instant payments into your suite of products and services, now might be time to learn about them, particularly with the Federal Reserve&rsquo;s FedNow® Service now live.<h2>Why the interest in instant payments?</h2>Instant payments have a number of characteristics that make them attractive in the digital economy. For one, they can leverage technology within mobile apps or online financial/bill payment service websites that allow end users to make payments without physical interaction. These payments typically take only seconds to complete (<a href="/resources?id=5">see this infographic</a> for an explanation of the steps in the process) and they make the funds available to the recipient almost immediately, a good option for managing cash flow and making time-sensitive payments. Finally, instant payments are well-suited to support delivery of rich details about the underlying transaction with the payment itself, opening the door to a host of new product and service opportunities.As you begin to explore the business opportunities instant payments might offer your financial institution, gaining insight into how consumers and businesses will use them is a good starting point.<h2>Individuals</h2>Your consumer customers can benefit from the flexibility that instant payments offer, such as the ability to complete last-minute or emergency payments. With this capability, consumers can avoid late fees, the risk of account overdrafts, and damage to their credit scores. Additionally, gig-economy workers, like rideshare drivers, may be able to get paid immediately for the work they perform. Having immediate access to funds means, among other things, a person is less likely to have to rely on short-term and often costly financing like payday loans.Here are some other examples of scenarios for which instant payments are particularly useful:<ul><li>A homeowner could pay a mortgage on its due date, confident the payment met the deadline.</li><li>A folk-art collector could buy art at a flea market without swiping a card or touching a pay pad.</li><li>Diners who share a meal could instantly reimburse the person who paid the tab for their portion of the bill before they even leave the table.</li><li>An investor could quickly transfer cash in her brokerage account to her account at her financial institution to make needed home repairs.</li></ul><h2>Businesses</h2>Your business customers can benefit from improved real-time money management and cash flow by using instant payments. Companies are also less likely to deal with a payment reversal due to insufficient funds because instant payments typically involve a credit push (that is, they require the payer to have sufficient funds in their account before the payer can make the payment) and are final (that is, the payee is assured of receiving the funds).Here are some examples of the scenarios for which instant payments are particularly useful:<ul><li>Small merchants who accept instant payments can receive the funds from these sales immediately, increasing cash on hand and potentially reducing the need for costly loans.</li><li>A building contractor can more quickly obtain needed materials by instantly paying suppliers that require payment in advance of shipment.</li><li>A utility company can send customers a request for payment and receive the funds immediately once the customer authorizes the payment. Because the responding payment can be linked to the original request, account reconciliation can be automated. Aside from significant savings from reduced manual processing, this enables faster posting of the payment and improves the customer experience.</li></ul><h2>Financial institutions</h2>The examples above are just a few of what are limitless opportunities for innovative new services that can drive revenue and customer retention. By offering instant payments, your financial institution can stay competitive by better serving your individual and business customers, who increasingly want advanced digital banking services. Offering an integrated instant payment option gives customers a more comprehensive set of services and might help attract new customers. And you may also be able to shift customers away from check and cash payment offerings, which tend to be manual, time-consuming and expensive to support.Start preparing today so that you can take advantage of the opportunities this payments innovation offers.<footer role="doc-endnotes"><h2 id="footnotes-label">Footnotes:</h2>1 &ldquo;Demand for real-time payments rises amid COVID-19 pressure,&rdquo; Mobile Payments Today, April 2020. <a href="#ref1" role="doc-backlink" aria-label="Back to reference 1">↩</a></footer>

Financial Institution Benefits

Exploring the benefits of instant payments: A primer

It&rsquo;s not the topic of virtual get-togethers, but there&rsquo;s certainly a lot of buzz about mobile apps revolutionizing the ways we can pay for goods and services. Terms like "fast," "faster," "real-time," and "instant" are descriptors for some of the newer payment options being offered. This article unpacks those terms and provides a framework for thinking about the differences among the various arrangements.<h2>Fast and faster</h2>Almost no one would describe a check payment as fast. It might be quick for a payer to give a check to the payee, but the payee likely will not have access to the funds for a day or more. And while some might describe traditional card payments as fast, in the sense that the payer and payee can execute the payment in seconds, even these payment options don&rsquo;t fit the evolving understanding of what a faster payment is. A "faster payment" is generally accepted to be "&hellip; a payment in which the transmission of the payment message and the availability of 'final' funds to the payee occur in real time or near-real time on or as near to a 24-hour and seven-day (24/7) basis as possible." <a href="#fn1" id="ref1" aria-describedby="footnotes-label" role="doc-noteref">1</a>To be classified as a faster payment, the payment option must 1) enable both payer and payee to see the transaction reflected in their respective account balances immediately and 2) provide funds that the payee can use right after the payer initiates the payment. And because of this, the payment is, by its nature, also irrevocable, meaning it cannot be reversed by the payer or the payer&rsquo;s financial institution (FI) after it is sent.A simple enough definition from the payer&rsquo;s and payee&rsquo;s perspectives, but things get more complicated behind the scenes. Faster payment options can differ in several ways, including whether they are closed or open loop and whether they settle on an instantaneous (immediate) or deferred basis.<h2>Closed vs. open</h2>"Closed Loop" systems refer to payment options offered by a single central provider in which both the payer and the payee must maintain an account with that provider to transact. Examples include PayPal, Venmo and Square&rsquo;s Cash App. In such systems, it is relatively straightforward to transfer funds from payer to payee more or less simultaneously. However, the payee's ability to then use the funds received for payments outside the closed loop network typically requires a transfer to an account at another FI, which can take a day or more."Open Loop," in contrast, refers to systems that enable payers to pay much wider groups of payees, even those who have an account with a different FI. In these systems, payments must be routed and settled among the various FIs, typically through a shared network, such as what happens with VisaDirect, MasterCard Send, the RTP network, and Zelle (and in the future, the FedNow® Service).<h2>Deferred vs. real-time settlement</h2>A second differentiating factor is how the payments that flow through the shared network settle, meaning how the payee's FI receives final funds from the payer's FI. Settlement in these systems can be either on a deferred or instantaneous (or real-time) basis. Deferred settlement, as the name implies, means that the transfer of final funds between the payer's and the payee's FIs occurs after the payee&rsquo;s FI has made the payment available to the payee. For some systems this may be only a few minutes, but for others, it might be a day or longer. In such systems, this is akin to the payee's FI extending short-term credit to its customer (and taking on that risk) until it receives final funds from the payer&rsquo;s FI.Instant/real-time settlement means that the transfer of final funds between the payer&rsquo;s and payee's FIs occurs with the transmission of the payment message and just seconds before the payee's FI makes the payment available to the payee. Because it receives final funds from the payer immediately, the payee's FI does not incur any credit risk the way it does in deferred systems.Faster payment systems that rely on such immediate settlement arrangements, such as the RTP network and eventually the FedNow Service, are often referred to as instant or real-time, as a shorthand way of distinguishing them from faster payment options that meet the definition of faster, but entail the payee's FI taking on short-term credit risk.<footer role="doc-endnotes" aria-labelledby="footnotes-label"><h2 id="footnotes-label">Footnotes:</h2>1 Committee on Payment and Settlement Systems (2016) &ndash; Fast payments: Enhancing the speed and availability of retail payments, Bank for International Settlements, November. <a href="#ref1" role="doc-backlink" aria-label="Back to reference 1">↩</a></footer>

What are Instant Payments

What are faster and instant payments?

You may have heard of instant payments, but you may not know how they work. You&rsquo;re not alone. A variety of newer payment options are becoming more common in the United States, and it&rsquo;s important to familiarize yourself with how &ldquo;instant,&rdquo; or more generally, how &ldquo;faster&rdquo; payments work.What happens when a person initiates a transaction through a financial institution in the world of faster payments? Behind the scenes, things can get a little complicated, so let&rsquo;s look at what happens when Janice makes a payment of $300 to her handyman, Frank.<h2>Initiation</h2>To pay Frank, Janice connects with her bank. She logs in to her mobile banking app to set up a payment of $300 to Frank for his handyman services. Janice selects the account she wants to use for the payment and fills in the payment amount and Frank&rsquo;s account or other identifying information, such as his mobile number or email that he associates with his account at his bank.<h2>Authorization</h2>Once Janice initiates this payment request, Janice&rsquo;s bank confirms that her account has the funds to cover the $300 transaction. Once confirmed, Janice&rsquo;s bank takes the money out of her account and pushes the payment information to Frank&rsquo;s bank, using a faster payments system. At this point, Janice can no longer make any changes to the transaction.<h2>Transmission</h2>Frank&rsquo;s bank receives and validates the payment message and Frank&rsquo;s account.<h2>Acceptance</h2>Once Frank&rsquo;s bank confirms the transaction, it notifies Janice&rsquo;s bank through the faster payments system that it accepts the transaction and credits Frank&rsquo;s account with the $300.<h2>Receipt</h2>Just moments after the start of the transaction, Janice receives notification from her bank that her payment to Frank&rsquo;s account is complete. Frank also gets notice from his bank that he has $300 in his account, and he decides to use these funds immediately to pay his supplier.If you&rsquo;re new to instant payments, educating yourself doesn&rsquo;t have to be overwhelming. While there are a lot of moving parts, starting with the basics can give you a good overview of how it all works. If you&rsquo;d like to learn more, please continue to keep an eye out for more information as part of the Instant Payments Journey.

Download accompanying PDF for an infographic that summarizes this article.

Anatomy of Instant Payment

Anatomy of an instant payment: A quick and easy guide

There&rsquo;s a lot to love about instant payments (a specific type of faster payment): Consumers benefit from increased flexibility and transparency into payment status; businesses benefit from improved cash flow and money management; and financial institutions benefit from new solutions that enable them to better serve their customers.While many can benefit from instant payments, as with any type of payment, the potential for fraud exists. But some characteristics of instant payments may increase fraud concerns. Read on to learn about various types of fraud involving payments, the particular challenges posed by the unique characteristics of instant payments, ways to protect your organization and customers against instant payments-related fraud, and some tools that the FedNow® Service offers to help financial institutions prevent fraud.<h2>Fraud involving payments comes in a few flavors</h2>Let&rsquo;s begin with a basic understanding of the most common ways in which fraud involving payments occurs. Fraud scenarios that are relevant for other payment types can also occur within instant payments.Those who need to understand key fraud categories might start with the <a href="https://fedpaymentsimprovement.org/strategic-initiatives/payments-security/fraudclassifier-model/">FraudClassifier&reg; Model (Off-site)</a>, which enables organizations to systematically classify fraud involving payments based on three key questions. The first question asks whether an authorized or unauthorized party<a href="#fn1" id="ref1" aria-describedby="footnotes-label" role="doc-noteref">1</a> initiated the payment. The second and third questions ask how the fraud was executed and what tactic was used.<h2>The speed of instant payments compounds challenges in combating fraud</h2>While prone to types of fraud that are similar to those for other payment types, instant payments pose some unique challenges due to their speed and irrevocability. With most payment types, a customer can recall a payment made in error before it is processed. In contrast, an instant payment is completed in a matter of seconds, and because it is irrevocable, the payer cannot cancel the transaction. In addition, the payee can withdraw the funds immediately. When the bad actor is the payee, these characteristics make it more challenging to detect and stop payment on a fraudulent instant payment transaction before the bad actor has already withdrawn the funds.<a href="#fn2" id="ref2" aria-describedby="footnotes-label" role="doc-noteref">2</a><h2>Ways to minimize fraud</h2>Regardless of payment type, however, the actions that can be taken to combat fraud are consistent and involve multiple layers of safeguards, including the security measures built into the payment systems themselves, as well as those built into the participating financial institutions&rsquo; systems. With respect to instant payments, financial institutions should consider taking a holistic approach to combating fraud, particularly in cases where existing fraud solutions and processes may be based on batch processing or manual intervention. An analysis of processes, technology, staff training and approaches to customer education may be beneficial in order to identify opportunities for improvement.Here are some tips for how financial institutions might begin to take a more holistic view of their solutions and processes for instant payments.<ul><li>Stay involved and informed: Join industry councils or conferences, like the U.S. Faster Payments Council and the FedNow Community, to keep apprised of developments in the fraud landscape and share insights with peers.</li><li>Talk with vendors and technology partners about new approaches, including applying real-time fraud-detection capabilities and achieving a comprehensive view of transaction patterns across all payment types.</li><li>Add suspicious accounts and aliases to a watch list to block potentially fraudulent transactions before the funds leave your institution.</li></ul>In addition, as with other payment types, fraud prevention doesn&rsquo;t rest solely with financial institutions. Necessary safeguards also include actions end users take to protect their personal data, such as user IDs and passwords. Educating consumers about social engineering scams &ndash; not only in their personal lives, but also at work &ndash; can raise awareness about potential fraud risks and make them more inclined to take appropriate precautions.Straightforward enough, but end users may not fully understand that instant payments&rsquo; speed and irrevocability make them different from most payment options. As a result, educating end users about these differences and how they can help prevent fraud is a critical complement to all the other security measures that can be taken by instant payment systems and the participating financial institutions.Besides what financial institutions can do, below are some best practices for how consumers and businesses can add security measures to prevent fraud.<h3>Consumers:</h3><ul><li>Never respond to suspicious emails, open attachments or click on hyperlinks embedded in them. Check the sender&rsquo;s email address to note any irregularities by hovering the mouse over it.</li><li>Adopt a &ldquo;zero trust&rdquo; contact policy. Financial institutions will never ask for login information over the phone, email or text.</li><li>Use strong and unique passwords for different accounts.</li><li>Enable alerts for transactions from your accounts; this allows you to keep an eye on transactions. While you&rsquo;re at it, verify your contact information with your financial institutions.</li></ul><h3>Businesses:</h3><ul><li>Train employees to verify the source (e.g., a supplier or biller) of a request and any changes to payment accounts by using a known phone number for the requestor.</li><li>Implement dual approval for certain types of payments; this can introduce a pause and validation process before sending funds.</li></ul><h2>The FedNow Service and tools to combat fraud</h2>Beyond what financial institutions and end users can do to prevent fraud in instant payments, the Federal Reserve is taking action to support these efforts in a number of ways. First, the recently-released FraudClassifier Model provides a common language for classifying fraud. The payments industry can use this model to better understand current and emerging fraud trends across multiple payment types, which can then help the industry refine approaches to combat it.Second, the Federal Reserve Banks&rsquo; <a href="https://explore.fednow.org/">FedNow Service</a> provides tools to assist participating financial institutions in their role as the primary line of defense against fraudulent transactions. Features include:<ol><li>The ability for a financial institution to establish risk-based transaction value limits.<a href="#fn3" id="ref3" aria-describedby="footnotes-label" role="doc-noteref">3</a></li><li>The ability to specify certain conditions under which transactions would be rejected, such as by account number (a &ldquo;negative list&rdquo;).</li><li>Message signing, which validates that the message contents have not been altered or modified.</li><li>Reporting features and functionality, including reports on the number of payment messages that were rejected based on a participating financial institution&rsquo;s settings. (Such information can be used to verify that transactions align with a financial institution&rsquo;s own records and detect whether a bad actor may have interceded or deleted records.)</li></ol>The Federal Reserve is exploring other features that could be made available as part of future releases to aid participants in managing fraud risk, including, for example, value limits that could be tailored to certain uses, aggregate value or volume limits for specific periods (for example, per business day), and/or centralized monitoring performed by the FedNow Service such as functionality that leverages advanced statistical methods and historical patterns to identify potentially fraudulent payments.<h2>Key takeaways:</h2><ul><li>All payment types are faced with the risk of fraud.</li><li>Instant payments pose unique challenges in combating fraud because they are immediate and irrevocable.</li><li>Individuals, businesses, financial institutions and technology providers may be able to combat instant payments fraud similarly to how they combat fraud for other payment types, but it&rsquo;s wise to review and adjust these measures accordingly in light of instant payment characteristics.</li><li>The Fed offers additional helpful resources through the <a href="https://fedpaymentsimprovement.org/strategic-initiatives/payments-security/fraudclassifier-model/">FraudClassifier Model (Off-site)</a> and <a href="https://explore.fednow.org/explore-the-city?id=6&building=planning-office&resource=78&role=fi_spe&resourceTitle=protecting-against-instant-payment-fraud">fraud mitigation tools</a> from the <a href="https://explore.fednow.org/">FedNow Service</a>.</li></ul><footer role="doc-endnotes" aria-labelledby="footnotes-label"><h2 id="footnotes-label">Footnotes:</h2>1 An authorized party is an individual or entity with the right to initiate the payment; whereas an unauthorized party does not have the right to initiate the payment. <a href="#ref1" role="doc-backlink" aria-label="Back to reference 1">↩</a>2 When the bad actor is the payer, however, instant payments may make it harder for that payer to succeed in committing a false claim fraud. <a href="#ref2" role="doc-backlink" aria-label="Back to reference 2">↩</a>3 The maximum transaction limit amount will be consistent with market practices and needs for instant payments. <a href="#ref3" role="doc-backlink" aria-label="Back to reference 3">↩</a></footer>

Download accompanying PDF for an infographic on the FraudClassifier.

Fraud and Instant Payments

Fraud and instant payments: The basics

Mobile and online person-to-person (P2P) payments are increasing in popularity across the United States. Federal Reserve research found that mobile payment options were used by <a href="https://fedpaymentsimprovement.org/wp-content/uploads/051823-consumer-research-brief-1.pdf">74% of U.S. consumers in 2022 (Off-site, PDF)</a>, and 61% have expressed a likeliness to continue to use faster payment options more often in the future. The percentage of consumers using one or more payments apps increased by about 50% between 2021 and 2022, and <a href="https://fedpaymentsimprovement.org/wp-content/uploads/051823-consumer-research-brief-1.pdf">57% of consumers indicate person-to-person transactions (Off-site, PDF)</a> as a top situation.When consumers make mobile P2P payments, their financial institutions<a href="#fn1" id="ref1" aria-describedby="footnotes-label" role="doc-noteref">1</a> aren&rsquo;t always the ones that enable them to execute these transactions. That could change with instant payments, which could better position financial institutions to offer mobile/online P2P payment options to their customers. Read on for a refresher on mobile/online P2P payments, how they&rsquo;re currently executed and how instant payments might change financial institutions&rsquo; role in these payments, along with some tips on how to get onboard.<h2>What is a P2P transaction, and how can individuals make one?</h2>A <a href="/resources?id=2">person-to-person (P2P) transaction</a> involves two people transferring funds between each other, such as someone repaying a friend for a concert ticket. Historically, consumers have used cash to complete the majority of these transactions, but in 2019, cash <a href="https://www.atlantafed.org/-/media/documents/banking/consumer-payments/survey-of-consumer-payment-choice/2019/2019-survey-of-consumer-payment-choice.pdf">was used (Off-site, PDF)</a> in only four out of ten P2P transactions. Notably, another four in ten transactions occurred via online/electronic means. This article focuses on this noteworthy, and likely increasing, shift in how consumers make person-to-person payments, and will use &lsquo;P2P&rsquo; hereafter to refer to mobile/online forms only.Most card and online P2P payments occur on one of several online platforms where consumers typically use an email or phone number to identify the intended recipient and initiate a payment transaction. For example, consumers can use mobile payment apps like Paypal&rsquo;s Venmo and Square&rsquo;s Cash App. Some digital wallets also support P2P payments, like Apple Pay&rsquo;s Apple Cash. In addition, Early Warning Services, owned by a consortium of banks, operates the interbank Zelle Network&reg;, which allows customers of the participating banks to complete online and mobile P2P transactions.<h2>How does the current P2P landscape impact financial institutions?</h2>Many P2P platforms may leave financial institutions out of the equation if the transaction occurs on a nonbank <a href="/resources?id=4">closed-loop network</a>, which means the payer and payee conduct the transaction on accounts with the single central provider, like PayPal or Venmo. The central provider might use an ACH debit or credit card transaction &ldquo;behind the scenes&rdquo; to pull funds from a financial institution account to make the payment. However, the payer could also send funds to the payee directly from funds stored in their online account with the central provider. In this scenario, the transaction occurs entirely on the closed-loop network, which disintermediates financial institutions altogether.<h2>How could instant payments shift the P2P space for financial institutions?</h2>The FedNow Service supports a variety of opportunities for financial institutions to reimagine their involvement with P2P transactions. By using instant payment rails, financial institutions can enable their customers to send instant P2P payments via their mobile banking app or website. In this scenario, financial institutions are at the center of the transaction flow: They assist the payer to initiate the payment; facilitate clearing and settlement between the payer and the payee&rsquo;s financial institutions; and credit the payee&rsquo;s account with funds to use immediately. Further, this all occurs in a matter of a few seconds.Additional properties of instant payments that could help transform the P2P space include:<ul><li>Instant payments enable financial institutions to provide confirmation of receipt and posting to their customers in near real time.</li><li>As an irrevocable credit push payment, an instant payment eliminates the potential for returned payments and saves both payer and payee the cost and hassle of unwinding the underlying transaction.</li><li>Instant payments <a href="/resources?id=52">eliminate settlement-related credit risk</a> because settlement between the paying and receiving institutions occurs before posting to the payee&rsquo;s account.</li></ul>In addition to The Clearing House&rsquo;s RTP&reg; Network, the Federal Reserve&rsquo;s FedNow® Service supports a variety of instant payment transactions (including P2P) in which a sending financial institution includes the routing transit number (RTN) and account number of the recipient in the payment message. For a future release, the Federal Reserve is considering an enhanced P2P service including an alias-based directory that would allow financial institutions and their customers to send P2P payments using information like a payee&rsquo;s email or phone number instead.<h2>What are the steps financial institutions can take to begin achieving this vision?</h2>Financial institutions that are interested in offering a P2P service to customers <a href="/resources?id=31">can begin work now</a> to prepare for supporting instant payments. A key first step is to identify how instant payments could benefit their organization. They&rsquo;ll also want to review their systems and processes to prepare for the logistical and operational implications of 24x7x365 payments. Finally, financial institutions can ask their vendors and service providers about plans for enabling instant payments, along with requirements and any guidance that their vendors can provide.Financial institutions can also talk with their customers. Specifically, they&rsquo;ll want to understand customer needs and foster customer interest in P2P payments. Many customers may already use nonbank alternatives to meet their needs, so it will be important for financial institution customers to learn about the benefits associated with instant P2P options that settle via their financial institution account, including:<ol><li>Immediate and certain funds transfer: Customers can transfer funds from their financial institution account immediately, with the assurance that the payee will receive the funds within a matter of seconds and can immediately use those funds (useful when sending emergency funds to a loved one).</li><li>Less friction: By transacting on an interbank network through a financial institution, a customer can avoid the hassle of having to open multiple stored-value accounts and transfer funds between those accounts.</li><li>Broader reach and accessibility: An interbank instant payment network has the potential for broad reach as increasing numbers of financial institutions adopt it.</li></ol><h2>Key Takeaways</h2><ul><li>Mobile/online P2P payments are growing in popularity with consumers &mdash; particularly among millennials and younger generations &mdash; which could spur adoption among their parents&rsquo; and grandparents&rsquo; generations.</li><li>Currently, consumers are executing most mobile P2P transactions through fintech technology platforms. These platforms can reduce financial institutions&rsquo; role in P2P payments or leave them out of the P2P payments equation altogether.</li><li>However, instant payment networks like the FedNow Service can enable financial institutions to reimagine P2P payments and allow them to offer the service through their online and mobile portals.</li><li>Financial institutions interested in this opportunity can begin preparing now for integrating instant payments into their core systems and processes along with generating buzz for their customers.</li></ul><footer role="doc-endnotes" aria-labelledby="footnotes-label"><h2 id="footnotes-label">Footnotes:</h2>1 Technically, the term financial institution could apply to a wide array of institutions in the financial services industry, but for the purposes of this article, financial institution is specifically referring to depository financial institutions, including commercial banks, savings banks and credit unions. <a href="#ref1" role="doc-backlink" aria-label="Back to reference 1">↩</a></footer>

Instant Payments and P2P

Instant payments and P2P transactions

In July 2017, the Faster Payments Task Force called for the United States to create a faster, safer, more efficient payment system.<a href="#fn1" id="ref1" aria-describedby="footnotes-label" role="doc-noteref">1</a> While the United States has made significant strides in this direction, the challenge still lies in upgrading the many systems and processes that will enable Americans to benefit fully from <a href="/resources?id=4">instant and other forms of faster payments</a>. And as the task force noted, this will be possible only through collaboration among all stakeholders.So who are these stakeholders? The list includes faster/instant payments solution operators, financial institutions and other payment service providers, businesses, consumers and others &ndash; it takes a lot of individuals and organizations playing a variety of interconnected, interdependent roles to work together as a supportive &ldquo;ecosystem.&rdquo; Read on to learn more about these players and the roles they play.<h2>The ecosystem: Primary roles</h2>There are three primary roles in the U.S. faster/instant payments ecosystem. The first is the role of end users, namely those who make and receive payments, including individuals, businesses, nonprofit organizations, government entities and others. Their desire to take advantage of the benefits of instant and other forms of faster payments will motivate the other participants in the ecosystem.The second is the role of financial institutions. They provide instant and other types of faster payments services to their end-user customers, which, in many cases, will require making the necessary upgrades to their systems and processes. They include all sizes of banks, credit unions and savings banks, as well as brokerage firms and other organizations that offer financial services.<a href="#fn2" id="ref2" aria-describedby="footnotes-label" role="doc-noteref">2</a>The third primary role is that of the interbank network operators. These are the organizations that operate the central clearing and/or settlement arrangements that enable participating financial institutions to complete faster/instant payment transactions. They also determine the service level and technical requirements to participate in their network. They include Zelle&reg;, The Clearing House&rsquo;s RTP&reg; network, Visa Direct, Mastercard SendTM and eventually the FedNow® Service.<h2>The ecosystem: Supporting roles</h2>While the primary roles are essential, so are the supporting roles of the service providers, which make the ecosystem function effectively. Their services are varied and include support for payments initiation and transactions processing, accounting and recordkeeping, fraud monitoring and prevention, identity management and verification and mobile/online service delivery. As an example, one specific type of service provider includes processors, corporate credit unions and bankers&rsquo; banks that support smaller financial institutions with multiple functions such as payment network access, payment processing and customer accounting.As a group, service providers provide the connective tissue between financial institutions and their customers, and/or between financial institutions and the network operators. As such, updating service providers&rsquo; platforms or developing and promoting new, innovative fintech solutions to facilitate faster/instant payments is key to financial institutions&rsquo; and end users&rsquo; ability to take advantage of the benefits of instant and other faster payments.<h3>Examples of supporting services include:<a href="#fn3" id="ref3" aria-describedby="footnotes-label" role="doc-noteref">3</a></h3><ul><li>Core banking systems that process and post daily banking transactions to customer accounts and other records at financial institutions, including deposit, loan and credit processing and interfaces to general ledger systems.</li><li>Payment network connectivity services that increase cost effectiveness and efficiency associated with connecting to a new network.</li><li>Payment platforms and/or payment hubs that enable financial institutions to initiate payments, process transactions, easily integrate their core banking system with payment network(s), and may enable payment message format validation, fraud/Anti-Money Laundering checks, etc.</li><li>Mobile app and online banking platform software solutions that enable financial institutions to offer their customers access to account information and the ability to conduct transactions remotely via a mobile device or personal computer.</li><li>Accounts payable/accounts receivable, Treasury Management and Enterprise Resource Planning (ERP) systems that enable businesses to manage payables, receivables and other financial operations.</li><li>Payroll processing systems that enable businesses to manage/automate the processes involved in paying employees and filing employee-related taxes.</li><li>Point-of-sale systems that enable businesses to accept a variety of payments at the point of sale and update accounting records.</li><li>Bill pay/presentment services that enable individuals and/or businesses to initiate payments to billers from an online interface, and billers to present bills electronically to customers, often through an embedded feature of an online banking platform.</li></ul>Collaboration among all of these interconnected stakeholders &ndash; in both primary and supporting roles &ndash; is needed to continue progressing toward a faster, safer and more efficient payment system in the United States.Want to learn more? Read about the <a href="https://www.frbservices.org/financial-services/fednow/about.html">FedNow Service (Off-site)</a> and <a href="https://www.frbservices.org/financial-services/fednow/blog/">latest happenings (Off-site)</a>.<footer role="doc-endnotes" aria-labelledby="footnotes-label"><h2 id="footnotes-label">Footnotes:</h2>1 <a href="https://fasterpaymentstaskforce.org/wp-content/uploads/fptf-executive-summary.pdf">"The U.S. Path to Faster Payments, Executive Overview," Faster Payments Task Force, July 2017. (Off-site, PDF)</a> <a href="#ref1" role="doc-backlink" aria-label="Back to reference 1">↩</a>2 This article defines financial institutions as organizations that provide a regulated financial service, such as taking deposits, making payments, lending money, transmitting money, and/or brokering securities transactions. <a href="#ref2" role="doc-backlink" aria-label="Back to reference 2">↩</a>3 Source: <a href="https://www.gartner.com/en/documents/3953461/magic-quadrant-for-global-retail-core-banking">Gartner Magic Quadrant for Retail Core Banking (Off-site)</a>. <a href="#ref3" role="doc-backlink" aria-label="Back to reference 3">↩</a></footer>

Download accompanying PDF for a summary of the primary roles in the payments ecosystem.

Instant Payments Ecosystem

The instant payments ecosystem: Where does your organization fit in?

<a href="/resources?id=4">Instant payments</a>, along with other types of faster payments, are quickly gaining popularity around the world. In 2019, the number of countries with faster payment systems increased to 54 &ndash; which has nearly quadrupled since 2014.<a href="#fn1" id="ref1" aria-describedby="footnotes-label" role="doc-noteref">1</a> This rapid increase in the use of faster payments has made its way through countries such as China, India and the U.K., and the United States has started down this path as well.<h2>Faster/instant payments around the world: the highlights</h2>India: India is experiencing rapid growth in faster payments with its Unified Payments Interface (UPI) platform, which launched its pilot in 2016. Three years after launch, UPI began processing more than 1 billion transactions a month,<a href="#fn2" id="ref2" aria-describedby="footnotes-label" role="doc-noteref">2</a> and has maintained exceptional growth in volume in the first half of 2020 with a 69 percent increase compared to the same period last year.<a href="#fn3" id="ref3" aria-describedby="footnotes-label" role="doc-noteref">3</a>This growth is due in part to UPI&rsquo;s open application programming interface (API). According to a <a href="https://medium.com/wharton-fintech/your-guide-to-upi-the-worlds-most-advanced-payments-system-b4e0b372bf0b">Wharton FINTECH article (Off-site)</a>, &ldquo;[t]hrough a set of [APIs], UPI linked disparate user interfaces, provided seamless authentication and authorization, and ultimately ensured interoperability among existing players. The APIs provided by UPI enable two entities to execute a payments transaction by exchanging the bare minimum amount of information required.&rdquo; Access to the APIs enables Google Pay app, WhatsApp and other non-bank platforms to reduce friction in accessing UPI to make money transfers.China: China&rsquo;s faster payments growth was also notable with a 20 percent increase in volume and a 50 percent increase in value since 2018.<a href="#fn4" id="ref4" aria-describedby="footnotes-label" role="doc-noteref">4</a> Its two new payments schemes, both of which are <a href="/resources?id=4">closed loop</a>, consist of mobile payments through digital wallets and Quick Response (QR) codes. These platforms are run by two big tech firms, Alibaba and Tencent, and essentially remove the bank from the payment transaction.<a href="#fn5" id="ref5" aria-describedby="footnotes-label" role="doc-noteref">5</a> Although there are a number of reasons China&rsquo;s payment system went in this direction, one of the reasons, according to a Brookings article, China&rsquo;s Digital Payments Revolution, is pushback from merchants regarding card reader fees and the cost to integrate technology and run the card readers. This challenge, coupled with high smartphone adoption, paved the way for alternative routes to payment.Singapore: Faster payments in Singapore have seen strong growth with its Fast and Secure Transfers (FAST) system, which launched in 2014. This system allows customers of participating financial institutions to complete near real-time electronic funds transfers 24/7. In 2019, FAST processed 93 million transactions, a 55 percent increase in volume over 2018, their highest annual increase since launch.<a href="#fn6" id="ref6" aria-describedby="footnotes-label" role="doc-noteref">6</a>The country&rsquo;s faster payments capabilities expanded in August 2018 with the launch of the PayNow corporate service, which enabled transfers using information such as mobile numbers in place of an address. This service broadened the user base for faster payments by enabling businesses to move away from checks and cash toward electronic payments.<a href="#fn7" id="ref7" aria-describedby="footnotes-label" role="doc-noteref">7</a>Europe: In response to faster payments demand in Europe, TARGET Instant Payment Settlement (TIPS)<a href="#fn8" id="ref8" aria-describedby="footnotes-label" role="doc-noteref">8</a> was launched by the European Central Bank (ECB) in November 2018. This pan-European system based on the SEPA Instant Credit Transfer (SCT Inst) scheme enables payment service providers to offer instant fund transfers 24x7x365 and settle the payments in central bank money. At launch, this system settled instant payments only in euros, but with the goal of settling other currencies in the future, such as the Swedish Krona.Sweden: Sweden&rsquo;s Swish payment system was launched in 2012 by six of the country&rsquo;s largest banks. This payments system enables instant payments between two parties via a mobile app connected to the user&rsquo;s bank account.<a href="#fn9" id="ref9" aria-describedby="footnotes-label" role="doc-noteref">9</a> Initially the system focused on person-to-person (P2P) transactions but expanded to merchant and e-commerce transactions over the next five years. More recently, Swish has incorporated additional functionality, including QR codes and request to pay, which as the name implies, enables payees to request payments through the faster payments system. According to <a href="https://www.swish.nu/about-swish">Swish&rsquo;s website (Off-site)</a>, transaction volumes totaled more than 55 million and value totaled more than 28 billion SEK (Swedish Krona) in July 2020.Also important to note is the development of the P27, which began in 2017. According to the <a href="https://nordicpayments.eu/about/">P27 Nordic Payments website (Off-site)</a>, this initiative aims to build the world&rsquo;s first real-time, cross-border payment system in multiple currencies across the Nordics. Initially, the platform will allow instant payments between people and businesses in the countries of Denmark, Finland and Sweden, though ultimately, the design will be built to be expandable. And in June 2019, Mastercard was signed on to operate the platform.Moreover, in April 2020, Sweden became the first country outside the Eurozone to join TIPS. The ECB <a href="https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200403_1~302d8928e3.en.html">announced in April (Off-site)</a> that TIPS will support the settlement of electronic payments in Swedish krona to support the nation&rsquo;s instant payment service. The arrangement between ECB, the Eurosystem and Sveriges Riksbank is targeted to take effect in 2022.The U.K.: The U.K.&rsquo;s Faster Payments service network is now 11 years old. Faster Payments broke the record for highest amount of payments processed in a single year in 2019, with 2.4 billion payments, a bump from the 2 billion in 2018. The second quarter of this year saw continued growth with 650 million payments processed by Faster Payments, a 10 percent increase from last year.<a href="#fn10" id="ref10" aria-describedby="footnotes-label" role="doc-noteref">10</a>Faster Payments continues to innovate with two new overlay services slated for future release, including Confirmation of Payee, which assures users are sending their payments to the correct recipient, and request to pay.Australia: Australia launched its New Payments Platform (NPP) faster payments system in February 2018. This platform allows users to make real-time payments 24 hours a day, seven days a week, all year long with no cut-off times and is intended to support products and services that enable back-office efficiencies and cost savings. Since launch, NPP has processed over 384 million payments, totaling $344 billion (AUD),<a href="#fn11" id="ref11" aria-describedby="footnotes-label" role="doc-noteref">11</a> with significant acceleration in January 2020 when NPP processed a daily average of more than 1.1 million payments, worth $1 billion.<a href="#fn12" id="ref12" aria-describedby="footnotes-label" role="doc-noteref">12</a>Along with many other countries, Australia&rsquo;s NPP offers an alias service called PayID that allows customers to link their financial accounts to personal information, such as mobile phone numbers and email addresses, where users then provide their PayID to businesses or individuals to receive payments.<a href="#fn13" id="ref13" aria-describedby="footnotes-label" role="doc-noteref">13</a> This service has seen great interest with more than 4.1 million PayIDs registered as of January 2020.<a href="#fn14" id="ref14" aria-describedby="footnotes-label" role="doc-noteref">14</a>United States: Faster payments are steadily gaining momentum in the United States as the industry realizes there is a desire for the speed and convenience that these payments provide. And with the introduction of the FedNow® Service, adoption of instant payments can be expected to expand even further.According to the Mercator Advisory Group, the United States will transact more than $900 billion in faster payments in 2020. Some of the <a href="/resources?id=4">key players</a> include Zelle&reg;, The Clearing House&rsquo;s RTP&reg; network, Visa Direct, Mastercard SendTM, Venmo, Paypal and Square Cash. A few of these platforms are still fairly new and do not typically report transaction volume data publicly, but according to occasional press releases, it appears that some are seeing noteworthy usage numbers. For example, in July, Zelle reported $133 billion sent through 519 million transactions in the first six months of 2020. Zelle also noted that 924 financial institutions are contracted to participate in the network.<a href="#fn15" id="ref15" aria-describedby="footnotes-label" role="doc-noteref">15</a> In January 2020, Venmo reported processing $102 billion in 2019 with 52 million active accounts.<a href="#fn16" id="ref16" aria-describedby="footnotes-label" role="doc-noteref">16</a> Instant payments, currently offered only by RTP, are also growing,<a href="#fn17" id="ref17" aria-describedby="footnotes-label" role="doc-noteref">17</a> particularly for business-to-business (B2B) use cases.<h2>Faster/instant payments around the world: the use cases</h2>Faster payments have seen significant growth around the world due to major, ongoing innovation in the use cases these systems can serve &ndash; particularly use cases that may not be as well served by more traditional payment systems.Here are highlights of a few that could gain traction in the United States and help drive volume growth.QR codes: Both China&rsquo;s and India&rsquo;s use of QR codes for payments has bolstered the growth of faster payments in these countries. One attractive attribute of QR codes to merchants and their customers is that all the customer has to do is scan the merchant-provided QR code with their mobile device to initiate the payment. By scanning the QR code, which includes the relevant merchant information, the customer can complete the transaction quickly and securely. And the merchant is assured of payment because their information has been entered automatically and accurately. Another benefit is fewer fees and equipment for the merchant. QR codes can even be used in P2P payments.Request to pay (or request for payment): With request to pay, the biller (payee) is able to present invoice details through the faster payments system to their customer (payer) and in turn, the customer is able to easily initiate the responding payment and automatically link it to the relevant invoice. With this feature, corporate payers may be able to automate their payables processing, and billers may be able to automate reconciliation of these faster payments against the related invoices. In the United States, The Clearing House&rsquo;s RTP&reg; network has developed a version of this service that enables participating financial institutions to offer it to their biller customers.In addition, in the U.K., request to pay is nearing launch. According to Faster Payments, a part of Pay.UK, this service &ldquo;will be overlaid on top of existing payments infrastructure as a new flexible way to settle bills between businesses and organizations as well as among friends.&rdquo; Request to pay gives the payer more control by allowing them to either pay in full, in part, decline or even ask the payee for more time.<h2>It&rsquo;s time to get ready</h2>Although instant and other faster payments are used predominantly for P2P transactions in the United States at present, based on experiences around the world, it is likely that innovation in other use cases will pick up speed in the coming years. And given the volume growth rates of other countries, it&rsquo;s not difficult to imagine a day in the not-too-distant future when instant and other faster payment options are in widespread use in the United States.<h2>Footnotes:</h2>1 FIS. &ldquo;Flavors of Fast Report 2019,&rdquo; 4. <a href="#ref1" role="doc-backlink" aria-label="Back to reference 1">↩</a>2 Calculated based on <a href="https://www.npci.org.in/statistics">Retail Payments Statistics on NPCI Platforms (Off-site)</a> as of 8/26/2020. <a href="#ref2" role="doc-backlink" aria-label="Back to reference 2">↩</a>3 Calculated based on <a href="https://www.npci.org.in/statistics">Retail Payments Statistics on NPCI Platforms (Off-site)</a> as of 8/26/2020. <a href="#ref3" role="doc-backlink" aria-label="Back to reference 3">↩</a>4 FIS. &ldquo;Flavors of Fast Report 2019,&rdquo; 14. <a href="#ref4" role="doc-backlink" aria-label="Back to reference 4">↩</a>5 Aaron Klein. &ldquo;China&rsquo;s Digital Payments Revolution,&rdquo; Brookings, April 2020, 1. <a href="#ref5" role="doc-backlink" aria-label="Back to reference 5">↩</a>6 Calculated based on <a href="https://www.mas.gov.sg/-/media/MAS/Regulations-and-Financial-Stability/Regulations-Guidance-and-Licensing/Payment-and-Settlement-Systems/H2-2019-Retail-Payment-Statistics.pdf">H2 2019 Retail Payment Statistics &ndash; Monetary Authority of Singapore (Off-site)</a>; Additional data to support highest annual increase since launch statement drawn from: H2 2018; H2 2016 <a href="#ref6" role="doc-backlink" aria-label="Back to reference 6">↩</a>7 FIS. &ldquo;Flavors of Fast Report 2019,&rdquo; 55. <a href="#ref7" role="doc-backlink" aria-label="Back to reference 7">↩</a>8 <a href="https://www.pymnts.com/news/faster-payments/2020/how-tips-helping-ecb-expand-real-time-payments-reach/">https://www.pymnts.com/news/faster-payments/2020/how-tips-helping-ecb-expand-real-time-payments-reach/ (Off-site)</a> <a href="#ref8" role="doc-backlink" aria-label="Back to reference 8">↩</a>9 Andrew Fawthrop, &ldquo;What is Swish? The mobile payments system used by more than two-thirds of Swedes,&rdquo; NS Banking, Jul. 15, 2019. <a href="#ref9" role="doc-backlink" aria-label="Back to reference 9">↩</a>10 <a href="https://www.fasterpayments.org.uk/statistics">https://www.fasterpayments.org.uk/statistics (Off-site)</a> <a href="#ref10" role="doc-backlink" aria-label="Back to reference 10">↩</a>11 <a href="https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html">https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html (Off-site)</a> <a href="#ref11" role="doc-backlink" aria-label="Back to reference 11">↩</a>12 <a href="https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html">https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html (Off-site)</a> <a href="#ref12" role="doc-backlink" aria-label="Back to reference 12">↩</a>13FIS. &ldquo;Flavors of Fast Report 2019,&rdquo; 57. <a href="#ref13" role="doc-backlink" aria-label="Back to reference 13">↩</a>14 <a href="https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html">https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html (Off-site)</a> <a href="#ref14" role="doc-backlink" aria-label="Back to reference 14">↩</a>15&ldquo;Consumers and Small Businesses Significantly Increase Use of Zelle&reg; In 1st Half Of 2020.&rdquo; Zelle, 29 Jul. 2020. Press release. <a href="#ref15" role="doc-backlink" aria-label="Back to reference 15">↩</a>16 Donna Fuscaldo, &ldquo;PayPal All In With Venmo In 2020,&rdquo; Forbes, Jan. 30, 2020. <a href="#ref16" role="doc-backlink" aria-label="Back to reference 16">↩</a>17 Jim Daly, &ldquo;The Clearing House to Raise RTP Transaction Limit to $100,000,&rdquo; Digital Transactions, Jan. 23, 2020. <a href="#ref17" role="doc-backlink" aria-label="Back to reference 17">↩</a><h2>Sources:</h2>Aaron Klein. &ldquo;China&rsquo;s Digital Payments Revolution,&rdquo; April 2020.Andrew Fawthrop, &ldquo;What is Swish? The mobile payments system used by more than two-thirds of Swedes,&rdquo; NS Banking, Jul. 15, 2019.&ldquo;Consumers and Small Businesses Significantly Increase Use of Zelle&reg; In 1st Half Of 2020.&rdquo; Zelle, 29 Jul. 2020. Press release.Donna Fuscaldo, &ldquo;PayPal All In With Venmo In 2020,&rdquo; Forbes, Jan. 30, 2020.European Central Bank website. <a href="https://www.ecb.europa.eu/paym/intro/mip-online/2017/html/201706_article_tips.en.html">https://www.ecb.europa.eu/paym/intro/mip-online/2017/html/201706_article_tips.en.html (Off-site)</a>.Faster Payments. &ldquo;Request to Pay,&rdquo; <a href="https://www.fasterpayments.org.uk/request-pay">https://www.fasterpayments.org.uk/request-pay (Off-site)</a>.FIS. &ldquo;Flavors of Fast Report 2019.&rdquo;&ldquo;How TIPS Is Helping ECB Expand Its Real-Time Payments Reach,&rdquo; PYMNTS.com, May 20, 2020.&ldquo;India&rsquo;s Unified Payments Interface: Breaking the Billion Barrier,&rdquo; ACI, Oct 15, 2019.Jim Daly, &ldquo;The Clearing House to Raise RTP Transaction Limit to $100,000,&rdquo; Digital Transactions, Jan. 23, 2020.National Payments Corporate of India website. <a href="https://www.npci.org.in/statistics">https://www.npci.org.in/statistics (Off-site)</a>Nipun Jasuja, Piyush Khandekar and Sasi Desai. &ldquo;Your guide to UPI &ndash; the world&rsquo;s most advanced payments system,&rdquo; May 11, 2017.Reserve Bank of Australia website. <a href="https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html">https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html (Off-site)</a>&ldquo;SCT Inst scheme gaining further traction in Europe.&rdquo; European Payments Council. 20 May 2020. Press release.Swish website, <a href="https://www.swish.nu/about-swish">https://www.swish.nu/about-swish (Off-site)</a>.

Resources

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FedNow^® Service: Changing the future of payments video