With increasing adoption rates for mobile banking and millennials becoming banking consumers, discussions around real time banking are picking up momentum. Big banks that have supported real time banking for private clients are taking about extending it to mobile banking customers and small banks are introducing them as well (e.g. Independent Bancshares). The instant gratification millennials have derived from their hi-tech gadgets is natural to extend into their expectations from banks. They deposit funds; they want to be able to use them right away. They don't care to understand or sympathize with the banking system that takes a few days to clear checks. I have had discussions with customers as early as 2009 around real time clearing and settlements and our conclusion was that back offices were not ready for this level of automation and the business case was marginal.
The landscape has changed quite a bit recently. Mobile banking consumers will want access instant access to funds. Also tightening of the regulatory noose around banks' necks has created a desire to create alternate venues to raise fee revenue. Real time banking presents a perfect opportunity for banks that can allow consumers to access "float" funds by updating their deposit balance and other internal systems instantaneously without waiting for inter bank transfers and clearinghouses. Should funds deposited not clear, they can always levy charges for accessing funds using uncleared "float" balances!