# 2024 Real-Time Payments Checklist

January 23, 2024

To compete in the year ahead, banks need to proactively address the nation’s increasing adoption of real-time payments and its effect on business operations.

While a comprehensive strategy for integrating real-time payments, settlements and core banking systems will likely yield the most substantial impact, an all-or-nothing approach is not mandatory. The real value banks can create for themselves is how they choose to leverage real-time capabilities and productize them to meet the unique needs of their customers.

Here are six key considerations for successfully adapting to today’s changing payments landscape.

### 1. Adopt a Holistic Approach

Instead of addressing each system in isolation, banks should take a holistic approach, considering the interconnectedness of real-time payments, settlement and core-processing.

### 2. Invest in Modernization

If their existing infrastructure is not equipped for real-time operations, banks should seriously consider investing in platform modernization to ensure seamless real-time capabilities. Rather than replacing existing systems, banks can work with Software as a Service (SaaS) options, which enable the rapid implementation of new core platforms.

### 3. Integrate Real-time Bill Pay

Adding real-time bill pay to a bank’s digital product suite will be pivotal to creating customer stickiness in a marketplace that is considerably less sticky. According to [BillGO consumer research](https://lp.billgo.com/study-how-americans-pay-their-bills), 74% of U.S. consumers want a single place to pay all of their bills, yet inadequate bank bill experiences are driving consumers ( _and incremental revenue opportunities_) away, resulting in a 43% drop in banks’ share of the bill pay market.

### 4. Keep Abreast of Real-Time Regulations

Banks must stay informed about potential regulatory changes involving real-time payments and funds availability and adapt their systems to meet future demands, such as immediate funds availability.

### 5. Evaluate Risk Management

Banks should assess and manage risks associated with real-time operations, including fraud prevention, treasury management and security.

### 6. Continually Monitor and Improve Performance

Real-time platform implementation requires ongoing performance tracking and evaluation to inform necessary improvements and optimize experiences.

By proactively embracing real-time payments and taking strategic measures to update their platforms, banks can position themselves to thrive in 2024’s evolving financial landscape and provide enhanced services to their customers.

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