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The letter highlighted that access to the payments systems today is only possible through incumbent intermediaries – the banks and the card networks – which have not kept pace with the needs of consumers and businesses. Their support of the Fed as the answer to all that ails faster payments seems particularly well-timed.
Rarely do consumers and businesses agree on anything as much as they have on instant. As instant money organizes itself largely around consumer preferences, there are important distinctions to be made. And as consumers continue to warmly embrace instant money, old definitions and practices are becoming obsolete almost overnight.
Consumers, not so much. In fact, as Ingo Money CEO Drew Edwards pointed out to Karen Webster in the most recent edition of their “how to instant” conversations, consumers more or less don’t know the payments rails exist — and are really only ever concerned with a single question: “How am I gonna get my money?”.
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