Same-day ACH debits rolled out last month, a year after same-day credits, cutting processing time for these payments from a couple of days to a few hours — but for many emerging use cases, that’s not fast enough. And debit is filling the void.
A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks.
For the last two years, the central bank has allowed the private sector to drive a process aimed at modernizing the nation's payments system. Now the Fed will have to determine what its own role will be.
Several groups are developing real-time payments systems for the U.S., and most everyone agrees success is inevitable, but how quickly they can make enough progress to satisfy consumers is a point of contention.