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The US real-time payments market is expected to reach $4.2B in transaction volume by 2024.
The cross-border payments market is valued at $21T and is growing at a 90% compound annual growth rate.
The Federal Reserve is making good progress on its FedNow Service – it expects to launch it in 2023.
Discussion over the rules governing faster payments is still ongoing at a federal level.
Faster payments are growing in popularity, but so is the opportunity for thieves.
Past Issues of PCBB BID articles which are a compilation of banking news, facts and opinions focused on issues vital to community banks and other community based financial institutions.
According to a Federal Reserve survey, 90% of businesses said they expect faster payments within three years.
Developments are happening for faster payments systems.
Banks and credit unions are ramping up their faster payments efforts.
Progress has been made since The Clearing House announced its new real-time payments system back in November.