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Federal Reserve wants to change U.S. Payments System from the Ground Up

Bankers in the U.S. feel that current fast payment methods, such as ACH (Automated Clearing House), are not fast enough. The financial-services community feels the lag in payments and is demanding faster methods. The Federal Reserve is concerned and is looking to develop a completely new system. It is planning to come up with a road map this fall.

The Federal Reserve Financial Services (FRFS) has conducted a roundtable discussion in which the 50 participants agreed that there was a need to discontinue the ACH infrastructure and develop a new system. The participants in the discussion included ...

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