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Not everyone favors the Federal Reserve Board’s launch of its settlement service designed to eliminate the three-day checkclearing and support instant payments in the U.S. Big banks said the Fed’s involvement will only serve to slow adoption of real-timepayments.
Paper-based tax payments create frictions because payers cannot receive stamp duty certificates until their checksclear, but digital payments allow for instant receipt. Cash flow is king to businesses, and everyone wants things done in realtime, especially in a digital-forward country like Singapore,” he explained.
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).
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-timepayments offering.”. Don’t use a check.’”. ’”.
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 checkclearing system is the biggest drag on faster payments in the U.S.
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