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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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How Banks Use APIs To Forge Stronger Client Bonds

PYMNTS

Paper-based tax payments create frictions because payers cannot receive stamp duty certificates until their checks clear, but digital payments allow for instant receipt. Cash flow is king to businesses, and everyone wants things done in real time, especially in a digital-forward country like Singapore,” he explained.

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Graduating To Faster Payments

PYMNTS

The previously cited Aite Group study found that 42 percent of millennials pay tuition with a card (most likely a debit card), and only 5 percent pay by check. Getting to Class On Time. Paper checks are a costly time-suck, and the entire world is over it (except, presumably, check printers and the USPS).

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

PYMNTS

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.

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