The Rise of Real-Time Retail Payment Systems

Batching was efficient, but slug-like. But then the global payments landscape entered into an area of transformation. Central banks began to build a new generation of payments infrastructure. These new retail payment systems process incoming retail payments on a first-come, first-serve basis and do so instantly. The US finally got its first instant retail payment system in 2017 with the debut of the real-time payments network run by privately owned The Clearinghouse. It will get its second such system this summer as the Fed introduces its Fed Now Payments Network. Over 60 jurisdictions currently now have real-time retail systems in place running alongside their older batch retail systems. This is up from almost none back when