The Global Expansion of Real-Time Payments: Latest Trends

The growth of real-time payments is transforming the global financial landscape, with an increasing number of governments, banks, and corporations striving to make these transactions the new standard, according to PYMNTS. The “Real-Time Payments World Map,” produced in collaboration with The Clearing House, details how technological advances and strategic partnerships are driving this change.

Though the United States has lagged behind other nations in real-time payments adoption, American banks are working to bridge the gap. First Citizens Bank, for instance, now offers instant payments through the RTP® network, allowing customers to receive funds in their savings and checking accounts in mere seconds. The RTP network provides 24/7 availability and electronic transaction details, offering a faster alternative to traditional ACH and wire transfers. A recent U.S. Bank study shows that more than half of American businesses are already leveraging both the RTP network and FedNow® Service.

In Australia, National Australia Bank (NAB) has taken a significant step by integrating international transfers with the domestic real-time payment system. This allows global institutions to send instantaneous Australian dollar payments, bypassing traditional constraints like time zones and banking hours. This integration ensures Australians have faster access to funds.

Europe is also seeing rapid advances in cross-border instant payments. In August, Visa partnered with London-based FinTech Revolut to offer cross-border card transfers for Revolut’s business users across 78 countries through Visa Direct. Payments are processed within 30 minutes, supporting over 50 currencies.

In Hungary, the National Bank has introduced a new instant payment solution named «qvik.» Built on Hungary’s domestic Instant Payment System, qvik supports QR code payments, NFC technology, and payment links, aiming to streamline transactions for both physical and online stores. Currently, it is available at 5,000 online retailers, focusing initially on mobile card terminals at brick-and-mortar shops.

These global initiatives reflect the rapid growth and widespread adoption of real-time payments, aiming to make transactions faster, more efficient, and accessible across various sectors and regions.