Remove Check Clearing Remove Instant Payments Remove Real Time Payments
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Fed Moves Ahead With FedNow Despite Objections

PYMNTS

Not everyone favors the Federal Reserve Board’s launch of its settlement service designed to eliminate the three-day check clearing and support instant payments in the U.S. Big banks said the Fed’s involvement will only serve to slow adoption of real-time payments.

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In Sluggish Payments, Who’s To Blame: FIs Or SMEs?

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When the results were published, ACI Worldwide Director of Solution Consulting and Immediate Payments Barry Kislingbury said the findings represent a “great opportunity for banks working with these businesses to demonstrate the value of their real-time payments offering.”. Don’t use a check.’”.

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What’s Fast And Slow And Read All Over?

PYMNTS

Because innovation in payments waits for no man, not even The Man. If, by the way, if the Fed really wanted to make payments faster, they’d #KillTheCheck. That alone would give us much faster payments, on average. The paper check clearing system is the biggest drag on faster payments in the U.S.

Fed