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Superior Press’ buyback program not only highlights banks’ and corporates’ need for better RDC tools, but also emphasizes the endurance of paper checks at a time when most FinTechs are focusing on other payment rails. The expansion of ACH across the U.S.,
NACHA has implemented ubiquitous SameDayACH with credit push and will implement phase two with debit pull in the fall. The paper checkclearing system is the biggest drag on faster payments in the U.S. In the two years the Fed has been examining this issue, innovators have gotten the job done.
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. Blowing up checks would open a number of other doors for banks to provide value to consumers via “faster” and more efficient payments that they could also monetize.
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