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Real-time consumer payments need standards to rise

April 30, 2024

The payments industry must jointly develop a common set of standards for using real-time payments if the new transaction type is to become a reality for consumers, top payments executives from JPMorgan Chase and Walmart said on a Payments Dive panel last week.

Collaboration will be key in building out consumer use cases for the Federal Reserve’s new faster payments system, FedNow, which launched last July, as well as the private rival RTP network, said panelists speaking at the April 24 Future of FedNow virtual event. Banks have gradually been adopting FedNow and RTP, though few consumer uses have emerged.

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