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Waiting for the Fed — and its promise of interoperability, which requires participation from the private sector — is akin to playing the (very) long game. Waterhouse said that in terms of TCH’s own initiatives in getting banks on board the ongoing effort to make RTP ubiquitous across the entirety of the U.S. New Trends Emerging.
The FI, one of TCH’s owner banks, aims to offer its customers real-time payments during the first half of 2019, and give them the ability in later months to send them. . Slower payment processes can jeopardize the survival of small businesses, but large corporations have the budgets and cash flows to weather these concerns.
"Our latest research uncovered evolving issues and challenges in the bill pay space, which will help guide the FPC's current and future workstream topics and set the stage for the ubiquitous adoption of faster payments."
From an ACH networks standpoint, noted Estep, innovation may be “skinny,” but operations are ubiquitous, connecting all the bank accounts in the United States. To the extent that a payment rail allows others to innovate, it does support innovation,” said Estep. This allows for innovation to be done on top of the ACH rails. “To
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