Mercantile Bank will start originating payments early this year, he added.
This is the year that banks that have tried real-time payments in receive-only mode will take the next big step — sending payments.
TCH says it covers more than 70% of the demand deposits in the U.S. Because of the country’s history of local regional, state and national banks, the U.S. has probably the largest number of financial institutions of any country in the world, somewhere between 10,000 and 11,000 when you count all types of FIs, said Erika Baumann, director of the commercial banking & payments practice at
“This additional faster payments was launched successfully — it works,” Baumann said. “The volumes I think are much lower than some folks anticipated. But I think those of us who who have been following faster payments all along are not surprised -- the volumes are where we anticipated.” Many banks have approached real-time payments cautiously, starting with receiving payments, which is low risk.
Sending payments runs the risk of getting the recipient or the amount wrong, and since the payment is real-time it is difficult, or impossible, to recover misdirected funds.Customers are going to ask their banks why they don’t offer real-time payments when the bank down the street has it, he said.Smart agrees. At conferences when a speaker ask who plans to be able to send payments in 2025 more than half the hands go up, she said.
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