Real-Time Payments Coming…at Federal-Reserve Speed

Real-Time Payments Coming…at Federal-Reserve Speed

Ten years after the UK launched Faster Payments, the US is partway through the launch of a real-time payments network run by The Clearing House, a private corporation owned by 25 of the largest banks in the country. It will be the first new rails in electronic payments in four decades.

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Why Can’t Banks Sell Things Digitally?

Why Can’t Banks Sell Things Digitally?

Virtually anything today can be purchased with the tap of a digital button on a smartphone. Groceries, pet food, toilet paper, stocks, cars and even therapy sessions are among the myriad items you can buy at the click of an app. Yet, how many financial institutions allow a consumer to apply for and receive, say, a small business loan entirely through digital means? The answer is very few.

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