The Clearing House Interbank Payment System (CHIPS) opened for the first time 50 years ago today. Since then, CHIPS has become one of the most valuable and critically essential elements of the global financial infrastructure.

Paychex will offer real-time and on-demand payroll through the RTP® network in early 2020 to meet the evolving needs of employers.

Real-time payments capabilities brings opportunities for new products and offerings for consumers and businesses.

With HSBC and Wells Fargo enabling send capabilities on the RTP network, and with the TCH + BPI Annual Conference taking place in New York, there has been plenty of real-time payments news this week.

“We believe that the new model of bill pay actually provides benefits on the biller and bill payer side, as well as to the financial institutions.” — Peter Davey, TCH

74% of FIs are now in development or considering real-time payments for at least one of their customer segments to meet growing demand and gain a competitive advantage.

Banks and fintech firms need to understand what is driving the race for  real-time payments.