Why Should Merchants Care About Faster Payments?

Payments
United States
Methods
Dan Faxel -- Federal Reserve Bank of Chicago; Tim Mills -- The Clearing House; Ren� Pelegero -- Retail Payments Global Consulting Group
Feb 10, 2019
Presentations

As consumers are increasingly expecting quicker delivery of physical goods and near-instant fulfillment of digital products, the speed of payments has largely not kept pace. However, this is changing with faster payment initiatives in countries like the United States, which is the focus of this presentation.

Here, leaders from the Federal Reserve Bank of Chicago, The Clearing House, and Retail Payments Global Consulting Group (RPGC) look at what faster payments are, what the U.S. Federal Reserve's role is, and how the U.S. Faster Payments Council is shaping innovation in this space. The Clearing House then discusses what the Real-Time Payments (RTP) service is and its capabilities. The slides conclude with a glance at other faster payments products currently available and high-level overviews of how they work, including flows for refunds and online transactions.

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