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The reason faster payments is so important, Proto said, is because the four major quadrants of the payments industry — P2P, B2B, B2C and C2B — are all beneficially impacted when it comes to the expedited movement of money and data. That’s revolutionary,” he said.
Also keen on the Fed’s involvement were the community banks and credit unions that worry (as they should) about having TCH as the only operator of an RTP network in the U.S. and one of two operators of the ACHnetwork in the U.S., TCH is the association of the 25 largest banks in the U.S., the other being the Fed.
American workers are often paid every two weeks, for example, with money traveling through the ACHnetwork, which can take a few days to settle. Europeans, by contrast, are paid once per month.
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