Across the globe there is frenzied discussion around faster payments aka (near) real-time payments, immediate payments and instant payments.
Here in the U.S., the Federal Reserve System kicked off a Payments Taskforce to identify and evaluate alternative approaches for implementing a safe, ubiquitous, faster payments capability. Until now we’ve had pockets of innovation efforts ranging from a private exchange developed between the largest bank players (Bank of America, Wells Fargo, and JP Morgan Chase) to initiatives that have emerged from such nonbank providers as FIS Paynet, Fiserv popmoney, among others. After an initial unsuccessful attempt in 2012 by NACHA to expedite ACH payments, this year Same Day ACH finally passed. Even the Clearing House threw its hat in the ring last year announcing its intention to develop a real-time payments system.