Faster payments

Bank technology provider D+H Corp. is expanding its role in the expected launch of The Clearing House Real-Time Payments System by offering banks cloud-based testing to simulate a connection to that system.

The time banks have to investigate red-flagged credit payments has shrunk from several days to a few hours and fraudsters have already taken notice.

Australia’s central bank is set to deploy a new, faster payments system enabling near real-time payments for consumers and businesses that will roll out in 2017.

The Federal Reserve is asking the payments industry for input on securing faster payments processing.

In a world filled with a growing number of options for instant and same-day payments, the paper check still holds strong as a barrier to innovation. But it could also be a sign of opportunity.