Are Software Developers Ready for Real-Time Payments?

 ● 28th Apr 2021

3 min read

Well, it’s official. The COVID-19 pandemic dramatically accelerated the digital economy, and there are no signs of letting off the gas.

According to the U.S. Commerce Department, the COVID-19 pandemic resulted in a 44% increase in eCommerce sales from 2019 to 2020. Individuals increasingly prefer contactless payment methods – think holding up your phone to the credit card terminal – as a way to prevent the spread of coronavirus.

PayPal Chief Executive Dan Schulman said of the pandemic and its impact on the digital economy, “The world has moved to a digital-first economy, and I don’t think there is any going back.” Statista reports that Venmo (owned by PayPal), a popular P2P payments platform, saw their total payment volume grow by 60% year-on-year in the fourth quarter of 2020. 

We have crossed the Rubicon. The digital-first economy is no longer coming soon, it’s officially here. Insert mind-blown emoji here. 

One thing is clear, the COVID-19 pandemic massively accelerated digital adoption. Most of us have now experienced the convenience of ordering groceries online, paying back a friend with an app, and not having to touch the credit card terminal but instead wave our phone to complete our transaction.

So, what comes next?

What comes next is what always comes next. We want those things but a lot faster and in all areas of our lives, especially when it comes to getting paid. The pandemic has given us a taste, and we want more, a lot more.

We’ve all experienced the frustration of waiting 2-3 business days for funds to clear. Whether you’re an individual or a business, having to wait creates cash-flow constraints. To solve this problem, The RTP network, the real-time payments system from The Clearing House, was created.

It’s the first new payments infrastructure in 40 years and is open to all federally insured U.S. depository institutions. According to Grand View Research, “ the global real-time payments market size was valued at USD 10.64 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 33.0% from 2021 to 2028.” 

The RTP network is the next, natural evolutionary stage of the U.S. payments industry and provides a platform for product innovation. We’re just at the beginning of this thing. And no, I don’t need to quote a bunch of research to tell you that people will want their money as fast as possible.

Are software development teams ready for this large and growing shift into RTP? New software applications will need to be created that utilize the new RTP infrastructure. As if application uptime due to both infrastructure as well as software quality wasn’t already critical, RTP will further stress our CI/CD/CR pipelines. 

All this means when issues arise, they are likely business-critical if not mission-critical. Therefore, instantly understanding the what, where, why, and who of any urgent issue will become increasingly critical to resolve as quickly and efficiently as possible. Learn more how OverOps can help, and feel free to reach out to us for a conversation at

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