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The State of Real-Time Payments

August 10, 2022


Real-time payments

Real-time payments (RTP) have been surging forward at an accelerated pace with heightened awareness and increasing adoption in 2022. In this post, we take a closer look at the state of RTP at the start of a new decade.


As RTPs enter a new decade, their trajectory is clear: industries are finding plenty of incidents for real-time and instant payments.

According to a report, the global real-time payments market size in 2021 was USD 13.55 billion, and from 2022 to 2030, it’s expected to grow at 34.9% annually.

In today’s digital landscape, real-time payments are now more crucial than ever considering the immense tangible value immediacy offers.

Major 2022 Real-time Payment Approaches

The Clearing House has been working really hard for a long time to finally include several banks in the real-time payment world. However, the most recent number is still in the low 100s. Furthermore, there are almost 12,000 financial institution clients with Fiserv who are offering real-time payment solutions and paving the way for other transfer services as well.

Moving ahead, there’s news of real-time payment solutions getting developed much faster when compared to the Federal Reserve’s real-time payment system.

Bank transfers, payroll disbursements, bill pay, real-time invoice presentment, prepaid, and card loads will be allowed by FedNow.

Why Are Real-Time Payments Becoming So Popular?

As technology evolves, it has become essential for the financial and banking industries to prioritize faster instant payments in the face of new digital solutions and virtual currencies. Widespread digitization and the ever-increasing gig economy demand easy, convenient payment solutions.

RTP applications can be implemented across a myriad of industries, offering immediate bill and invoice payments, account-to-account transfers, and quicker resolutions to insurance claims. Institutions like J.P. Morgan Chase have already jumped on the RTP bandwagon with an instant ACH transfer option available to checking account customers within the past year.

New opportunities and applications contribute to awareness, which leads to higher levels of adoption. PYMNTS research suggested that real-time disbursements accounted for 17% of all disbursements made in 2021, which is up from 5.7% last year.

Potential RTP Hurdles

Despite growing interest, customers and businesses alike may still need to overcome several potential hurdles to nationwide adoption. The PYMNTS report found that there is approximately a 13% increased risk of data theft or fraud in 2022.

Technological and Resource Constraints

Digital payments have become a highly competitive market. Many businesses may struggle with the challenge of producing or implementing sufficiently advanced and user-friendly solutions for their customers.

Without a complete out-of-the-box solution, companies fear facing major overhauls and costly changes to their staff and software. While a period of transition is inevitable, major institutions like Mastercard and Bank of America are beginning to offer intuitive merchant services for businesses of all sizes.

And as the US Federal Reserve makes plans to launch a second real-time payment trail, the FedNowSM Service, by 2024, businesses may look forward to more comprehensive support as they shift into a digital age.


RTPs can still be exposed to social engineering attacks such as account takeovers, invoice fraud, and application fraud. Vulnerabilities in P2P platforms can make it easy for cybercriminals to hack into accounts or facilitate false transfers.

But with the advent of newer AI and Machine learning (ML) to complement RTP solutions, transaction risks can be analyzed and assessed without human error or manual investigation. AI and ML fraud prevention strategies help support the irrevocable nature of real-time payments while protecting originating institutions.

Businesses of any size and industry stand to gain from the use of real-time payments, whether it be to offer a more streamlined customer experience or provide internal efficiency. Early adopters and larger institutions will pave the way for small and medium-sized businesses—as AI-based solutions provide an unmatched level of fraud protection and security.

As more companies begin RTP implementation in 2022, careful consideration of available technologies and resources will be key. Reach out to us to know how you can be better prepared to ride the RTP wave.

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