The Fed's development of a real-time payments systems has sparked a pointless debate about paper checks.
After more than two years of successful operation in delivering Same-Day ACH payments, Nacha's request to add a third processing window has been denied by the Federal Reserve, which says it has to obtain public comment on the concept.
In early fall, the central bank is expected to announce its next steps regarding how to improve the aging U.S. payments system.
The industry has made great strides in faster payments over the past year. Even more cooperation among stakeholders will be needed in the year ahead.
Direct deposit transactions accounted for 52% of all transactions processed through the speedier system
