And those are — many of those are driven by what I mentioned in my comments earlier, the understanding that real-time payments volumes are coming. And it depends on which country you’re in whether you — these financial institutions have seen those volumes ramp yet or not. But everyone knows they’re coming and they’re thinking about how do I make sure that my payments infrastructure can handle that increase of volume because these are, to a large extent, those real-time payments are cannibalizing cash transactions. And so those — a bank in Latin America doesn’t — not a lot they have to do with the cash transaction, but as it moves to real-time payments, that changes, and they need to make sure they’re ready for the for the volume, and they’re making sure that they are.
They’re trying to make sure they are. And that’s when that opportunity comes for us to talk to them. They want to continue to take advantage of our proven scalability, reliability. And then — so if they don’t have it, they’re looking to talk to us about it. If they do already have some of our software, they’re asking for our help to make sure the rest of their infrastructure can handle that increased volume. So those are some flavors of it. The pipeline is very strong. It’s growing and that dynamic about being ready for the ramp in volume that they know is coming eventually, that’s one of the key drivers.
Jeff Cantwell: Okay. That’s great. And my follow-up on that, on real-time payments is, one of the biggest questions we’ll be getting inbound about your opportunity is there’s so much focus on FedNow, but my understanding is for your footprint, it’s much broader than that globally. So would you mind — I don’t want to preempt your Analyst Day too much here, but today, but would you mind mapping out where you see the most significant opportunities for real-time payments? Is it Europe, is it Asia, LatAm, et cetera? How would you characterize that?
Scott Behrens: Well, I don’t — I’m not trying to be flipping on this, but it’s all of the above because — and we’re — I think you probably know this, but just so we’re all on the same page, largest real-time payment markets today in the world are India, that’s the largest by far, Brazil and China. Those are the three largest real-time payment markets in the world. And the rest of the world is, to some extent, playing catch-up, but the European Central Bank has mandated the availability and support of real-time payments across the Eurozone. So you’ve got — I mean you have real-time payments in Europe, of course, but that is — it’s getting a lot more attention. And then Latin America is an up and comer, outside of Brazil, it’s still a relatively small volumes with real-time payments, but that’s changing.
And I mentioned, we signed the Central Bank of Colombia in terms of supporting the — their real-time payments central infrastructure. That’s just one example in Latin America, but I think that you will continue to see significant growth in the focus on and volumes of real-time payments in Latin America, also in Asia, and certainly in Europe. So lots of opportunity. You mentioned FedNow. I mean, FedNow is still a new thing. It’s only a few months in. And the Fed has not published specific volumes yet. But we expected them to be pretty small at the beginning, and they are. But we’re getting new institutions signing on at an increasing rate. And I don’t have the exact number from the Fed in front of me, but the number of institutions has grown a lot since that started.
And what’s really interesting, too is The Clearing House’s real-time payments transactions have benefited from all the marketing that the Fed has done around FedNow. So we are starting to see increased volumes. I think it’s going to take — continue to take a while before the volumes are extremely large. But again, to me, the most interesting thing is the discussions that the anticipation of real-time payment volume increase is generating for us. And that’s really good for us. It puts us in a position to help our customers deal with one of the biggest issues they’re wrestling with right now.
Tom Warsop: Yeah. The only other thing I’d add to that is, just in terms of a metric, our real-time payments solution, our revenue growth in 2023 was 23% over 2022 and very little — I mean, very little of that, if any, right now is coming from FedNow. So there’s really no — there’s not a real contingency on our 2024 outlook or even our longer-term outlook on or where we’re predicting a tipping point on FedNow specifically, really a lot of our growth historically in the near term is coming from international markets.
Jeff Cantwell: Okay. Great. Appreciate all the color. Thank you.
Operator: And our next question comes from the line of Charles Nabhan with Stephens Inc. Please go ahead. Your line is open.
Charles Nabhan: Hi, good morning guys and thank you for taking my question. As we think through the model for banking in ’24, I was hoping you could comment on the renewal schedule. I think you said in the past that it was — it would be a little more evenly distributed relative to ’23. And I know third quarter was a big quarter for — you had the big renewal there. But anything you could say around the cadence as we think through the model for banking would be helpful.
Scott Behrens: Yeah, Chuck, I would look at just — I would phase the bank revenue in your modeling for ’24 pretty consistent with 2023. We’re always going to have kind of that second half and predominantly fourth quarter renewal timing. So if you model it consistent with 2023, that should set you up well for 2024 timing.
Charles Nabhan: Got it. And as a follow-up, I wanted to drill into the Biller segment a little bit and get a sense for, what verticals specifically are driving the growth from both the new bookings and a same-store standpoint?
