Fed to offer faster payments system, setting up clash with big banks - Politico

The Federal Reserve on Monday announced it will build its own infrastructure for near-instant payments, a move that will have sweeping implications for banks and consumers nationwide. Such a system would allow people to receive money in their bank accounts within seconds after it’s sent to them, lightning speed by today’s standards. Under the traditional system that handles card payments and direct deposits, transactions are settled en masse three times a day and only during business hours, a costly reality for the millions of Americans living paycheck to paycheck.

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