True seismic shifts in payments occur over the course of years — not months. But, as Jim McCarthy, CEO of Thredd, told Karen Webster, the halfway point of 2024 offers a chance to take stock of where we’re headed with instant payments and tokenization and where — if experiences elsewhere around the globe are any indication — there might be some headwinds.
The FedNow ® Service, of course, is just a year out from its July 2023 launch, and claims 900 banks in its roster — admittedly, most of them are receive-only when it comes to instant payments. The Clearing House’s RTP network has been around since 2017 and recently noted that it had a $1 billion day in real-time transaction volume over its network. But if the goal is true ubiquity, McCarthy said, “things will take time.”
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