New payment rails are gaining adoption, but progress is slow

AI-assisted source summary · not independently verified. Content standards

Financial institutions and businesses are gradually adopting instant payments and stablecoins, but legacy technology, the burden of layered systems, and insufficient adoption of ISO 20022 are still slowing the adoption of new payment rails. Businesses will combine stablecoins, fiat currency, and instant payments based on the locations of payers and payees, rail capabilities, and recipient preferences. ACH and paper checks will not disappear immediately. Some multinational companies can transfer USDC to overseas entities overnight while using instant payments for local suppliers.