Though the introduction of IP to the U.S. market occurred later than in other culturally and technologically similar nations, the country is now set to see significant uptake, with two schemes live and one more in progress.
Its first IP service, Zelle, is offered by more than 750 financial institutions across the country. Zelle supports both individuals and business accounts, and fund transfers can be made in a variety of ways such as using the Zelle app, a participating bank’s or credit union’s mobile app, and/or a bank’s online banking services. The Clearing House (TCH) launched the Real-Time Payments (RTP) network, a 24/7/365 scheme that allows P2P, B2B, B2C, C2B and G2C payments, with a transfer limit of $100,000.
A third network, FedNow, is currently in development by the Federal Reserve. FedNow will allow P2P, B2B, B2C, C2B and G2C payments. Its aim is to facilitate IP services for banks of every size in the country, which will enable a wider presence than the other networks available.