Highlights Payments differentiation is shifting toward initiation, routing, reconciliation and the services banks can put around instant settlement. South America illustrates how quickly a payment rail can move from an alternative payment method into commerce, financial inclusion and cross-border flows. Instant payments can deliver measurable benefits, but ACH, cards, wires and checks remain formidable competitors. Real-time payments are no longer waiting for a killer app. From Pix becoming an everyday payment method in Brazil to RTP and FedNow moving deeper into U.S. business payments, checkout and cross-border use cases, the rails are increasingly in place.