Bank Demand For FedNow and RTP
“A study conducted by Cornerstone Advisors found that 13% of banks and credit unions have already deployed real-time payments and that another 30% plan to go live with them in 2023.
Of the financial institutions that intend to launch RTP this year, 36% plan to use FedNow, 28% will go with both FedNow and The Clearing House (which has been providing real-time payments to financial institutions since November 2017), and 13% will opt to deploy just TCH’s offering.
Among the banks and credit unions who plan to launch RTP after 2023, one-third will use FedNow, but 60% have yet to determine their RTP strategy.”