A private entity,
The Clearing House Payments Company, launched Real Time Payments (RTP) in 2017. RTP is an instant payment system for all US financial institutions, owned by a group of large US banks. In December 2019, noting the success of
UPI in India,
Google suggested that the US
Federal Reserve Board should follow UPI as an example in developing
FedNow, a real-time payment system for the United States. In 2020,
Lael Brainard announced the upcoming FedNow service would provide "a neutral platform on which the private sector can build to offer safe, efficient instant payment services to users across the country", after 2018 the
European Central Bank launched the
TIPS instant payment settlement system. Real-time payments in the United States expanded with the launch of the FedNow Service in 2023. In the lead up to its July 2023 launch,
Moody's Investor Service released a report stating the service would likely lead to gains for households and businesses, giving them lower-cost methods of moving their money. But it also noted incumbents in the payments space could see revenue declines, those participating could be forced to make upgrades in technology and staff, and there was a greater possibility of
bank runs, even with potential benefits like lower costs and more efficiency in the payments ecosystem. == See also ==