Real-time payments

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.

If the Federal Reserve doesn't maintain an active role, Wall Street megabanks could take over the payments system.

A group of senators on the Banking Committee sent a letter to the central bank chairman grilling him on the agency's efforts to develop a real-time payments system.

PayPal is working with Visa to enable consumers and small businesses in Canada to move funds instantly from PayPal to their bank accounts using Visa’s debit push payments service.

Public-sector development of a speedier settlement service, to operate alongside the one being developed by The Clearing House, is crucial for seeing that institutions of all sizes are able to take advantage of this technology.

Public-sector development of a speedier settlement service, to operate alongside the one being developed by The Clearing House, is crucial for seeing that institutions of all sizes are able to take advantage of this technology.

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.

Readers weigh potential risks in the leveraged loans market, debate Herb Sandler's legacy, consider the role the Fed should play in real-time payments and more.

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.

Avidia Bank joins the network even as other community banks call on the Fed to create its own real-time payment service to compete.

The private sector will be able to provide more efficient and innovative technologies for the industry.

The private sector will be able to provide more efficient and innovative technologies for the industry.

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.