There are now 40 active real-time payment programs around the world, up significantly from 25 in 2017. The U.S. lags behind countries such as India and the UK, which adopted faster payment rails 10 years ago.
The main reason for slower adoption in the U.S. is the lack of a mandate, the Federal Reserve Board invited public comment on actions the Federal could take to support faster payments in the United States. Payment systems are moving to real-time around the globe, according to a the fifth annual “Flavors of Fast” report from FIS, the financial technology powerhouse. The annual report was begun by Clear2Pay, which FIS acquired in 2014. FIS found 40 active real-time payment programs around the world, up from 25 in 2017 and nearly three times as many as the company’s inaugural 2014 study. In addition it identified five payments programs under development, plus another 16 expected to be live in the next 12-18 months.
