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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. The Fed insists it will move ahead with the project with a target launch date for 2023 or 2024. payment system.

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How Banks Use APIs To Forge Stronger Client Bonds

PYMNTS

Many insurers offer mobile apps that enable customers to purchase plans, submit claims, upload accompanying photo documentation and receive their funds digitally, for example, with APIs facilitating apps’ payment and settlement services. APIs are applicable in many other sectors, too. Making Money Move.

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How The FedNow Service Could Keep Checks In B2B Payments

PYMNTS

In other words, the friction associated with getting familiar with and implementing a new payments service can prevent businesses from making the switch from paper checks to a faster, digital payments solution.

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What’s Fast And Slow And Read All Over?

PYMNTS

But recommendation number five is for the Fed to “determine the optimal design of and implement a 24/7/365 settlement service to serve the needs of the faster payments system…and level the playing field.” The paper check clearing system is the biggest drag on faster payments in the U.S.

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