U.S. banks speed up with first new payment system in 40 years

uk.reuters.com

An organization of 25 U.S. banks this week started the first new payment clearance and settlement system for the United States in more than 40 years, offering the prospect that businesses and individuals will be able to better track their funds minute-by-minute and use fewer paper checks. The little bit of money moved over RTP, the name for a new “Real-Time Payments” system set up by The Clearing House, a 164-year-old, bank-owned institution.

First new payment system in 40 years eh. Adoption of RTP will require movement away from batch uploads aka massive infrastructure change for financial institutions across the US. 2020 is a very ambitious goal for ubiquity...

Read more...
Linkedin

Want to receive more content like this in your inbox?