Faster payments systems gaining speed in the USA: Expanding scope of services

Laura Listwan and Adam Kruis

Journal of Payments Strategy & Systems, 2017, vol. 10, issue 4, 389-395

Abstract: The USA has been playing ‘catch-up’ when it comes to establishing accelerated payment systems — but the wheels are beginning to turn faster. The recent introduction of same-day automated clearing house (ACH) payments was a start, but other federal government-led initiatives are also underway, setting the foundation for even faster and more efficient real-time electronic payment capabilities. For example, the Federal Reserve’s Payment Task Force has enumerated both goals and effectiveness criteria for any new real-time payment solutions. At the same time, efforts at creating real-time payments in the USA are also being influenced by regulatory standards, such as those established by the Consumer Financial Protection Bureau. In one of the most watched developments, The Clearing House’s realtime payments (RTP) platform is scheduled to go live with consumer bill payments and business-tobusiness payments pilots in the first half of 2017. Such developments hold great promise for business users, including improvements in both cash management and supply chain management.

Keywords: US payment system; faster payments; same-day ACH; real-time payments; The Clearing House; consumer protection (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2017
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