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.

FedNow 72

FedNow Fed Federal Reserve Instant Payments 72

PYMNTS

AUGUST 8, 2019

But reports also noted that the acceleration of check payments could have significant impact for companies and small businesses that use paper checks to pay vendors or employees.

FedNow 66

FedNow Checks B2B Federal Reserve 66

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.

Fed 47

Fed Faster Payments Ubiquitous Same Day ACH 47

PYMNTS

MARCH 28, 2016

But, don’t look for the recommendation to kill checks to emerge from the report that the 500+ person Fed Task Force that’s examining the path forward for the U.S. As for Bryan, he could care less since he just wants to know that he has access to the amount of the check when he needs to use the money.

Faster Payments 48

Faster Payments Checks Payments Fed 48

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. After all, if an SME is frustrated at the speed at which a paper check clears, then why not stop using checks? Don’t use a check.’”. ’”.

Faster Payments 40

Faster Payments Payments Checks Small Business 40