PYMNTS

AUGUST 9, 2020

Not everyone favors the Federal Reserve Board’s launch of its settlement service designed to eliminate the three-day check clearing and support instant payments in the U.S. The Clearing House, a payments company that is owned by the nation’s largest banks, has been operating its own real-time system for three years.

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PYMNTS

AUGUST 8, 2019

The Federal Reserve’s planned faster payments service, the FedNow Service, is slated to have an impact on the speed with which paper checks are processed, adding a new twist to the U.S.’s Keeping Checks In B2B Payments. s path toward faster, digital payments.

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PYMNTS

JULY 24, 2017

But recommendation number five is for the Fed to “determine the optimal design of and implement a 24/7/365 settlement service to serve the needs of the faster payments system…and level the playing field.” It’s also a puzzle that we’d even look to the Feds in the first place to drive payments innovation. back in 2014.

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PYMNTS

MARCH 28, 2016

We could kill the check – and the checks rails that exist to support them. Just because checks have existed since at least 13th century Venice and 19 billion of them were used to pay people and businesses in the U.S. Checks, on the other hand, serve no useful purpose. Checks are issued at par. Yeah, right.

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PYMNTS

APRIL 15, 2016

it confirmed that small businesses are fed up with their banks when it comes to how long it takes for payments and transactions to actually complete. The current situation depends on whether you make a payment via a particular type of instrument — using a check or cash. Don’t use a check.’”.

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