Steven D'Alfonso


Until 2017, the U.S. payments market had no real-time payment rails while other nations across the globe had already launched various instant payment schemes. In 2019, the prospect of a second instant payment rail, FedNow, was announced by the U.S. Federal Reserve. FedNow, if implemented, will join The Clearing House’s (TCH’s) Real Time Payments (RTP) in the market. The increase in adoption of real-time or faster payments worldwide will force banks to reevaluate their payments infrastructures as well as their fraud strategy.