Real-time payments are changing gig-economy, real estate payments at small banks

Two smaller banks with strikingly different roots — a startup financial institution in Irvine, Calif., and a century-old Missouri-based bank — are seeing similar trends emerge around demand for real-time payments.

Newer real estate and gig economy companies are most interested in real-time payments, while traditional corporations take a bit longer to explore use cases, according to two banks that were among the first to adopt RTP through FIS’ banking platform.

Data about faster payments demand and usage at small and midsize banks is trickling in as FIS completes the first phase of RTP implementations via The Clearing House (TCH) network, three years after the nation’s largest banks (which collectively own TCH) launched the service.

Smaller financial institutions uninterested in RTP may wait up to three or four years for the Federal Reserve’s proposed FedNow instant-payments solution to launch, and neither Nano Banc nor First Bank wanted to wait that

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