Real-time payments

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.

The Clearing House's Real-Time Payments Network has been slow out of the gate, but it's getting some much needed adoption via a collaboration between personal financial management fintech Digit and JPMorgan Chase.

Vocalink, a Mastercard unit, is partnering with Saudi Payments, a subsidiary of the Saudi Arabian Monetary Authority to launch real-time payments in the kingdom.

Readers debate the Federal Reserve's potential entry into real-time payments, consider the Consumer Financial Protection Bureau's guidance for assessing fines, discuss the efficacy of financial education programs and more.

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

Wells Fargo and the denial stage of recovery; community bankers alarmed after big banks backtrack on faster-payments pricing; credit card, auto loan delinquencies hit seven-year high; and more from this week's most-read stories.

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

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.

JPMorgan Chase has joined the Single Euro Payments Area real-time payments scheme by adding the Sepa Instant Credit rail to its network in Europe.

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.