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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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NEW YORK (Reuters) -Global payments giant JPMorgan Chase & Co has launched a real-time payments option that it hopes will increase its edge in the financial industry's battle to handle more of the surging volumes of global digital payments. The new product, called request for pay, lets corporate clients send payment requests to the bank's roughly 57 million retail clients who use its app or website, cutting the cost and time it takes for those companies to get paid, said Cyrus Bhathawalla, the bank's global head of real-time payments. The digital payments product is one of a handful JPMorgan has in the works, as the largest U.S. bank invests heavily in the sector which has grown sharply as more commerce occurs online, a trend further boosted during the coronavirus lockdowns.
Vineet Anand's insight:
JPM Chase launches 'request for pay' for corporates and merchants to benefit improving cash-flows for clients in wholesale payments group.
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Singapore and Thailand have linked their respective real-time payment systems, enabling instant transfer of consumer funds across borders.
Vineet Anand's insight:
RTP between Singapore and Thailand create instant cross-border via use a mobile number. Creates opportunities for greater use cases for SMB's and other payment forms in future.
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Finastra announced that it has joined the Federal Reserve’s FedNow Pilot Program to support development, testing and adoption of the FedNow Service.
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Payments Canada has picked local debit network Interac as the exchange solution provider for the country's new real-time payments system.
Vineet Anand's insight:
Interac to develop the solution to power payment messages.
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The European Commission is pondering a "regulatory push" to encourage adoption of the new TIPS instant payments service and make it a genuine rival to the card schemes and tech giant-built digital wallets.
Vineet Anand's insight:
TIPS push by EC and PSD2 September release to create an open playing field for incumbents and new operators within EU!
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Interbank co-operative Swift is to conduct a proof-of-concept trial to link its gpi network to the Corda platform of enterprise blockchain consortiu
Vineet Anand's insight:
Swift to engage in POC for trade settlement using gpi API's and R3 Corda!
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Slovenian ACH Bankart has won approval from the country's central bank to switch over to an instant payments platform provided by Nordic processor Nets.
Vineet Anand's insight:
Nets to power the instant / real-time payments for Slovenia in Feb for subset of services!
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Malaysian consumers can now conduct instant P2P payments using just the recipient's mobile phone, passport or identity card numbers with the go-live of the country's Real Time Payments platform.
Vineet Anand's insight:
DuitNow, the real-time payments goes live in Malaysia instituted by Paynet, a coalition of banks and Centra Bank.
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London-based Direct Debit network GoCardless has raised a further $22.5 million in funding from existing investors Accel, Balderton Capital, Notion
Vineet Anand's insight:
GoCardless doubles its funding to $48 million; big boost for recurring billing payments with Oz and Denmark being added.
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Singapore is set to introduce a payments system similar to the UK's Paym, which will let people send money using only recipients' mobile numbers, a
Vineet Anand's insight:
Singapore MAS is going to make investments for payments using recipients mobile number. Current Fast network does provide realtime interbank transfer, however does not support mobile phone number usage. Cash and checks continue to be used as account number based transfers requiring sender to have requisite account details.
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From
finovate
Is the new multi-sign feature on the Ripple Consensus Ledger (RCL) the answer to preventing security breaches like the cyber-heist that cost the Bangladesh Bank more than $100 million? That’s how Ripple sees it. Pointing to the problem of “outdated single signature methods” of legacy payment networks, Ripple has introduced new multi-sign functionality for its RCL. Combined with the Rea
Vineet Anand's insight:
Multi-sig added to consensus ledger by Ripple takes on established incumbents like SWIFT that have been exposed with recent breaches.
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Finextra: Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, and Early Warning, a leader in fraud prevention and risk management, announced today that they have partnered to expand the availability of real-time capabilities in the U.S.
Vineet Anand's insight:
Real-time bill payments and deposit capabilities sets the rails for driving faster payments!
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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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Finextra: Payments firm Dwolla is introducing a while label service that promises to give banks and businesses an API that does what ACH does without the overheads.
Vineet Anand's insight:
White label API offering to allow banks use its FiSync real-time money transfer and its existing infrastructure!
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Finextra: The Canadian Payments Association has hired global consulting firm McKinsey to draw up plans to modernise the nation's core payments infrastructure.
Vineet Anand's insight:
Canada payments clearing and settlement infrastructure overhaul to begin soon including real-time payments. Australia expects initial phase of 'New Payments Platform' to be launched in late 2016! The likely adoption of ISO 20022 standard in Canada will be a significant step as part of the upgrade.
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Finextra: American bank-owned digital payments network clearXchange is rolling out a system that enables real-time bank-to-bank transfers.
Vineet Anand's insight:
clearXchange introduces real-time payments for its members. New member banks can also avail the same facility of real-time payments.
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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.