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A real-time revolution: Faster payments in the US

Creating a digital backbone to power the future of payments

Overview

While the United States has been slower than many other countries to seize the real-time payments opportunity, the competition in a global economy will not wait and will not slow. Now is the time for financial institutions to think about what real-time payments will mean for their customers, what strategy to adopt, and what investments are required.

"A 'wait-and-see' approach to real-time payments can be a business risk leading to missed opportunities to develop new products and open up new revenue streams."

Key findings

"Many banks have underestimated the challenges and issues of introducing real-time payments."

What must US financial institutions do to get ready for real time payments?

Making the switch to real-time payments is a significant step for most financial institutions. Regardless of the institution’s size, market reach or strategy, there are a number of key actions to take to prepare for the move to real-time.

Create a real-time strategy

Create a real-time strategy

Invest in technology

Invest in technology

Reinvent your operations

Reinvent your operations

Innovate new products and services

Innovate new products and services

Recommendations

Accenture has been working with real-time payments systems globally since the early 2000s, when we helped multiple UK banks prepare for adoption of the UK’s Faster Payments Scheme. Since then we have advised on and implemented dozens of real-time payments programs globally, ranging from strategy work to industrialized core payment renewal and integration at pace and scale. Through these engagements, we have developed a range of assets to help your company capture the real-time payments opportunity.


Real-Time Payments Analysis Framework

Real-Time Payments Analysis Framework

Real-Time Payments Diagnostic

Real-Time Payments Diagnostic

Real-Time Payments Requirement and Test Repository

Real-Time Payments Requirement and Test Repository

Real-Time Payments Target Operating Model and Reference Architecture

Real-Time Payments Target Operating Model and Reference Architecture


READ FASTER PAYMENTS IN THE US [PDF]

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