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Federal Reserve made its own progress in exploring how the nation’s regulatory environment can support faster payments progress while maintaining security, while NACHA offered up some new data on same-dayACH volume growth in the country. billion in funds transferred using SameDayACH, an average of $650 per transaction.
Take two announcements from just last week, related to the evolution of faster payments in the U.S. First, there was the Fed’s decision to slow faster payments progress via SameDayACH because it wasn’t ready to approve another processing window during the day. Faster Payments Is Happening, Fast.
Direct deposits, push payments, eWallets, same-dayACH transfers, PayPal, Zelle and myriad other platforms and tools are now second nature. But, with this progress comes friction in the form of a payments patchwork. From millennials to baby boomers, all want payments to keep up with their lifestyles.
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