Javelin Strategy & Research Defines Current U.S. Real-Time Payments Market and Opportunity
San Francisco, CA, April 21, 2015: The Federal Reserve made a call to action for revamping or rebuilding the U.S. payments ecosystem to deliver a world-class real-time payment network. While the United States has lagged in enabling real-time payments in the past, this new edict could fuel development, although it might not reach fruition until the next decade. Until then, a variety of third parties can enter the market. Javelin Strategy & Research recently released The Slow Crawl to Real-Time Payments, a report that explores key payment initiatives and investigates the timeline of adoption for real-time payments in the U.S. and identifies key benefits for various stakeholders.
'With the Federal Reserve, NACHA and The Clearing House laying out plans for the development, fast, cheap, and ubiquitous payments are on their way. Conversely, the uncertain timelines mean that it could be the next decade before any of these platforms comes to completion. In this vacuum, third party vendors, such as FIS, Dwolla, and Ripple, are nimble and will be able to offer real-time payments to consumers much faster than traditional payments players.
“Reminiscent of the delay in moving to EMV chip cards, the U.S. lags in its ability to process payments in time frames comparable with other developed markets such as the United Kingdom, Singapore, Japan, and many others,” said Nick Holland, Head of Payments at Javelin Strategy & Research. “Accelerated by always-on-always-present mobile initiatives and the prevalence of smartphones, tablets, and wearables and cautionary tales of governmental intervention occurring in other markets, the race is now to radically improve the backbone of the U.S. payments system.”
Learn More: The Slow Crawl to Real-Time Payments
Related Javelin Research
- ACCOUNT-TO-ACCOUNT AND PERSON-TO-PERSON MONEY TRANSFERS in 2013: The Race for Ubiquity
- REAL-TIME PAYMENTS 2013: Struggling Toward Revolutionary Change
About Javelin Strategy & Research
Javelin Strategy & Research (@JavelinStrategy) provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.