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Faster payments catch on slowly: survey

June 20, 2024

The research report from the council adds context to the adoption of faster payments and authorized transaction fraud problem. The council’s board includes representatives from a variety of payments players, including the mega-retailer Walmart, card network Visa and the interest group The American Bankers Association.

The council, which has advocated for increased use of faster payments, comes about a year after the Federal Reserve launched the instant payments system called FedNow. A rival U.S. system, known as the RTP network, has been operated by The Clearing House since 2017. Both systems have only slowly attracted participation from banks as the U.S. seeks to catch up with some other countries in implementing faster systems.

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