Speedier payments, across the globe – faster and, in some cases, in real time. The Federal Reserve’s plan to launch FedNow may have grabbed headlines and perhaps refocused observers’ attention on real-time rails, especially in the U.S. But the move toward instant money movement is a global one, as evidenced by statistics that come from cross-border transfers in Asia and Europe leveraging networks that are already in place.
Data:
59.8 million: Number of same-day ACH credit and debit payments made during the second quarter of 2019.
5.1 million: Number of transactions processed between August 2017 and July 1, 2019 across the Latvia instant payment system.
4 percent: Increase in transfers across Azerbaijan’s real-time gross settlement system between May 2018 and May 2019.
57 percent: Share of surveyed hourly workers who said early wage access would be very helpful.
4 to 1: Vote tally by which the Fed agreed to move ahead with FedNow.