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5 companies at the forefront of Real-time Payments in the US

By Edlyn Cardoza

January 18, 2023

  • ACI Worldwide
  • API
  • Business Payments

ACI Worldwide, Digital Payments, Real-time Payments, Fraud Management, Digital Transformation, Jack Henry, Financial Institutions, FinTech, RTP, RTP Network, Business Payments, The Clearing House, J.P. Morgan, API, Financial Services, Pidgin, USAReal-time Payments (RTPs) are payments that settle and clear quickly with the use of an underlying platform or network called a ‘payment rail.’ RTPs are made between bank accounts. RTP solutions are built on the connection between payee and payer and can be used by merchants of any size, consumers, and financial institutions to carry out payments to settle bills or transfer money with peers or customers.

ACI’s 2022 Prime Time for Real-Time report forecasts the annual volume of real-time transactions in the U.S. to reach 8.9 billion by 2026, up from 1.8 billion in 2021, representing a compound annual growth rate of 37%.

Real-time Payment solutions, in a way, are digital alternatives to immediate cash transactions, making payments available instantly across geographic time zones and borders. RTPs have been working as a transformative method for most businesses that need a fast, frictionless payment experience.

According to Visa, 80% of surveyed small businesses indicated improving cash flow as the top reason to adopt real-time payments for business disbursements.

Here are 5 companies at the forefront of Real-time Payments in the US:

ACI Worldwide is one of the leaders in real-time payments that delivers mission-critical, real-time payments software solutions that enable corporations to process and manage digital payments, power omni-commerce payments, present, and process bill payments, and manage fraud and risk.

They are helping banks, merchants, and billers capture rising real-time opportunities and volumes, all to meet the shifting needs of their consumers and business customers. They combine their global footprint with a local presence to drive the real-time digital transformation of payments and commerce.

Jack Henry is a well-rounded financial technology company that strengthens the connections between people and their financial institutions through technology and services that reduce the barriers to financial health. Approximately 8,000 community and regional banks and credit unions count on them to help them achieve short- and long-term goals, advocate for positive change, co-create innovative solutions, and support open integrations with FinTechs.

The RTP Network supports consumer and business payments with real-time funds availability. With the RTP Network, consumers and businesses can immediately send and receive money directly from all types of DDA accounts. In addition to sending money, RTP supports payment requests.

  • J. P. Morgan

J.P. Morgan is one of the leaders in financial services, offering solutions to clients in more than 100 countries with one of the most comprehensive global product platforms available.

J.P. Morgan is delivering Real-Time Payments (RTP) on a large scale in the marketplace. In 2017, J.P. Morgan was one of the early adopter banks to go live with Real-Time Payments in the U.S. on The Clearing House’s RTP® network. Since then, the team has refined the offering through client pilots to design curated solutions. In April 2019, J.P. Morgan became the only bank in the world with RTP capabilities in three major currencies and markets: USD, GBP, and EUR, and all via a single API.

NorthOne recently announced that they are breaking new ground in the FinTech space by joining The Clearing House’s Real-Time Payments network in partnership with The Bancorp Bank, N.A. With The Clearing House’s innovative Real-Time Payment network, NorthOne will help businesses receive payments instantly 24 hours a day, 365 days a year, and serves as a platform for innovation, allowing NorthOne to deliver new products and services to customers.

This update provides NorthOne customers with a competitive advantage to receive payments instantly. Future updates will soon provide customers with the ability to send real-time payments.

Pidgin is a secure, real-time payments platform built for the future of payments and is powered by VSoft. Pidgin had announced from ePayConnect 2022 that it was available to financial institutions and organisations in need of securely and quickly sending and receiving payments.

Pidgin is a financial institution’s introduction to faster payments. Engineered to deliver innovation today and in the future, Pidgin allows financial institutions to send and receive faster payments no matter how payments evolve. Not only does Pidgin offer a solution for real-time payments, but it does so more securely than virtual wallet alternatives.

Also read: Global Payments Vendors and Landscape Report Q2 2024

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