The Role of Core Banking Services Providers in Facilitating Instant Payments

Julian Alcazar, Samuel Baird, Emma Cronenweth, Fumiko Hayashi and Ken Isaacson
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Emma Cronenweth: https://www.chicagofed.org/people/c/cronenweth-emma

Payments System Research Briefing, 2024, 7

Abstract: Core banking services providers play key roles helping depository institutions (DIs) offer instant payments. Specifically, core providers process transactions in real time and connect DIs to instant payments system operators, upgrade customer-facing solutions, and facilitate open banking and embedded finance. As the United States implements instant payments systems, the market structure surrounding core providers may evolve, and competition between fintechs and DIs for end users may intensify.

Keywords: Depository institutions; instant payments; fintech (search for similar items in EconPapers)
Date: 2024
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