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Community banks shouldn’t wait for the Fed to create a new real-time payments rail when consumers are already flocking to other options.
July 31Cape Cod Five Cents Savings Bank -
The CEO of a big-bank lobbying group recently said that the central bank may be on the verge of pulling a bait and switch on faster payments. But his comments glossed over a lot of the relevant history.
July 24American Banker -
The Clearing House's Real-Time Payments hasn't grown as fast as it would like, but recent small-bank adoption is providing momentum for a network that assumes the Federal Reserve won't start its own real-time service.
June 13 -
The trade organization is promoting deputy general counsel John Court to succeed Jeremy Newell in July.
June 4 -
More businesses are considering moving away from cash and checks, according to a recent survey by Citizens. That should be a wake-up call to smaller institutions, said Michael Cummins, who oversees treasury solutions at the regional bank.
May 27 -
Avidia Bank joins the network even as other community banks call on the Fed to create its own real-time payment service to compete.
May 22 -
Digit's savings app, relying on JPMorgan Chase's new real-time payments service, will offer customers an instant withdrawals feature that uses savings as a cushion against checking overdraws.
May 14 -
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.
April 10 -
The Clearing House announced moves to attract community banks and credit unions to its real-time payments system. Smaller depositories have generally been reluctant to sign up with what is seen as a large-bank effort.
March 29 -
Despite some significant advancements in the past two years, rifts are already developing in the U.S. move to faster payments.
March 22