One of the richest areas of fintech innovation right now is in instant payments. The launch over the summer of FedNow has brought heightened awareness to instant payments but there have been other offerings available in this country for some time.

My next guest on the Fintech One-on-One podcast is David Watson, the President and CEO of The Clearing House. They are the creator of the first instant payments network in the USA called Real Time Payments, a network that has been operating for over five years now. We talk about the mechanics behind instant payments and the benefits for both consumers and businesses.

In this podcast you will learn:

• What David saw at The Clearing House that was really attractive to him.
• A short history of the 170-year-old company.
• The total volume of payments flowing through the US payments system.
• Who The Clearing House serves.
• How the ACH payments system works.
• The enhancements The Clearing House provides for wires.
• How they work with physical checks today.
• The technology behind their Real Time Payments system.
• Who is using RTP today.
• The different use cases that are flowing through RTP.
• What happens when you send a real time payment to a bank that is not in the network.
• The difference between RTP and FedNow.
• How David feels about competing with FedNow.
• His thoughts on the card network's instant payment offerings.
• How fraud in instant payment networks can be mitigated.
• His vision for the future of instant payments.

Connect with David on LinkedIn
Connect with The Clearing House on LinkedIn

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