A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks.
For the last two years, the central bank has allowed the private sector to drive a process aimed at modernizing the nation's payments system. Now the Fed will have to determine what its own role will be.
An influential task force established by the central bank envisions a future in which the U.S. has multiple real-time payment systems, and in a new report it lays out a series of actions that will be necessary to stitch them together.
Though they face an array of competitive threats — from digital currencies to peer-to-peer payment apps — the vast majority of community banks do not have a payments strategy, according to a recent survey.