2025 Supervisors Symposium

Let’s compare all of them….

Payment Method

Strength

Weakness

FedNow

• Central Bank Settlement

• Uneven Adoption

RTP

• Mature Ecosystem • Enormous Reach • Global Low Cost • Regulated Clarity

• Prefunding Requirements

Card push Stablecoins

• Variable Fees

• Potential Disintermediation

Tokenized deposits

• Early Ecosystem

21

STRATEGIC RESOURCE MANAGEMENT | CONFIDENTIAL

Merchant Settlement

Wallets / Embedded

Should I wait?

Use Cases

Retail P2P

Bill Pay / RfP

B2B/Treasury

Cross-border

(via RfP analogs, invoicing) (programmatic, instant)

(programmatic sweeps, intraday)

Stablecoins

(on/off ramp)

(marketplaces, platforms)

Tokenized Deposits

(cash mgmt, DvP/PvP)

(closed networks)

(limited today)

FedNow

(domestic) (domestic)

(RFP, billers)

(domestic payouts) (payroll, biller, B2B)

NA NA

(domestic) (domestic)

(bank apps)

(RTP RfP widely used)

RTP (TCH)

(via partners)

Revenue Opportunity

Total Revenue Opportunity

Direct fees On/off-ramp, issuance/ redemption Platform/ connect fees Modest service fees Modest service/usage fees High (wallets, ramps, chain ops, ledgering) Medium–High (ledger integration, APIs) Medium (gateway, core changes, posting) Medium (gateway, ISO 20022, posting) Tech lift

FX / Spread

B2B / Treasury

Advisory / Data Wallet/Custody

$$$-$$$$

(cross-border)

(programmable cash mgmt) (treasury services tiers) (corporate payouts)

(custody fees)

(risk, analytics, APIs)

Stablecoins Tokenized Deposits

$-$$$

(if cross-border later)

(enterprise wallets)

(data, ERP connectors)

$

—

—

(usage, insights) (billing analytics)

FedNow

$$-$$$

—

(billers, payroll)

—

RTP

Typical first-year costs*

Vendor dependence

Compliance lift

24/7 ops

Costs

High (KYC/AML, travel rule, custody, disclosures)

Stablecoins

Medium–High

Yes

$$$–$$$$

Tokenized Deposits

High (consortium)

Medium

Yes

$$–$$$

Medium (fraud, Reg E workflows)

FedNow

Medium

Yes

$$

RTP

Medium–High

Medium (fraud, disputes)

Yes

$$–$$$

STRATEGIC RESOURCE MANAGEMENT | CONFIDENTIAL