US bankers are mulling over the business case for faster payments and there is still debate about how – if the US does speed up its transactions – they should do it.
Payments network the Clearing House has plans for a “multi-year effort” to build a faster payments system, news of which has been met with scepticism. Given the fragmented nature of the US banking industry and the fact that the Federal Reserve has no mandate to force banks to move to real-time payments, some wonder whether the Clearing House’s project will actually get off the ground.
