Boston, October 14, 2020 – The U.S. move to faster payments began in 2015 with Mastercard’s and Visa’s launch of push-to-card services, followed by the 2017 launches of same-day ACH, Early Warning Service’s Zelle, and The Clearing House’s RTP network. Today, the top U.S. national banks are connected to these networks, along with large regional banks and other smaller institutions that have launched or are close to launching. While faster payments adoption is still nascent across U.S. FIs, Zelle reaches more than 90% and RTP reaches more than 50% of all demand deposit accounts in the U.S.

This Impact Report, part two of a two-part series, examines the faster payments roadmaps of community banks and credit unions in the U.S. It is based on an online quantitative survey of 117 U.S. community bank and credit union executives who have responsibility for their FI’s faster payments strategy. Find the first report in this series here.

This 52-page Impact Report contains 40 figures and seven tables. Clients of Aite Group’s Wholesale Banking & Payments or Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Amazon, Bank of America, Capital One, CashApp, Early Warning Services, FIS, Fiserv, Jack Henry, JPMorgan Chase, Mastercard, PayPal, PNC Bank, The Clearing House, The Federal Reserve, Truist, U.S. Bank, Uber, Venmo, Visa, and Wells Fargo.