Real-Time Payment Innovations Signal Maturity Across Banking and Retail

An innovation from Truist Financial Corporation pioneers the use of alias-based bill payment using The Clearing House’s RTP^® network. By leveraging the Request for Payment (RfP) feature, Truist has become the first financial institution (FI) to send and receive alias-based RfPs. Doing so enables faster, more secure and cost-effective bill payments. Consumers benefit from added transparency and convenience. Billers gain accelerated cash flow and payment validation without exposing sensitive bank data.

Meanwhile, Balance — a B2B financial platform — is solving long-standing pain points in automated clearing house (ACH) setup for business buyers. Its Instant Bank Connection capability eliminates the traditional multi-day verification process by enabling real-time authentication with only routing and account numbers. The result is faster onboarding, immediate payment confirmation and reduced costs for merchants.

Digital banking provider Tyfone has also entered the instant payment space with its new service, Payfinia. Linked to the FedNow^® Service, Payfinia improves speed and fraud protection by using cryptographic tools to combat AI-driven fraud threats. Tyfone reports a 50% reduction in fraud compared to same-day ACH.

Outside of traditional financial institutions, momentum is building. Walmart is preparing to launch a real-time pay-by-bank feature, following the completion of pilot testing. Unlike earlier ACH-based systems, the new version promises instant funds transfer while helping Walmart avoid card interchange fees. While integration with the RTP network and the FedNow Service is still forthcoming, the service strengthens customer loyalty and offers merchants more cost control.

With these developments, the real-time payments space is not just growing — it’s becoming indispensable across sectors. Explore the latest developments shaping the landscape in this edition of the Real-Time Payments World Map.