Real-time payments

Fed entry into real-time payments would do more harm than good


Arguments that the central bank should develop its own system for faster payments ignore current market realities, argues The Clearing House, which has developed its own network.


Community bankers alarmed after big banks backtrack on faster-payments pricing


In 2016, a big-bank consortium said that it would charge the same prices to all institutions, regardless of their size. But now the group has added a large caveat to that pledge.


Real-time-payments monopoly puts financial system at risk


The Fed should continue to play a key role in the new payments system, rather than leaving it in the hands of the country’s largest banks, Thomas Hoenig and Bruce Summers argue.


'There is no division in our industry': BofA's Moynihan


Banks of all sizes need to stick together to ward off threats from "unregulated" fintechs and other nonbanks, Bank of America Chairman and CEO Brian Moynihan said Tuesday.


Do paycheck advance apps improve financial health?


Apps that let people access their pay on demand have become wildly popular. Do they solve a problem, or are they Band-Aids?


'Why does a check take as long to clear today as it did in 1982?'


The slow U.S. adoption of real-time payments hurts half of Americans who live paycheck to paycheck, says Aaron Klein, a fellow at the Brookings Institution.


Real-time payments needs more competition


The Federal Reserve has suggested it could join the market for instant interbank payments, but private sector entrants would be better.


Banks shouldn't count on overdraft fees forever


Two trends — competition from challenger banks and the emergence of real-time payments — threaten to eat away at the fees banks collect on overdrafts and bounced checks.


Amazon, Google at odds with big banks over Fed's role in faster payments


The tech giants, along with Apple, PayPal and others, are calling on the Federal Reserve to build a backbone for real-time payments, rejecting large banks’ claims that the task is best left to the private sector.


How fraudsters surprised British banks


As U.S. banks move toward faster payments, they should heed the lessons U.K. banks learned about criminals after launching their real-time transaction system, says Varo Money's fraud strategy leader.