For the financial services sector, it is perhaps the ultimate and not-so-amusing irony that the drive towards faster payments has seemingly moved at a snail’s pace. There is good news, though, as the Federal Reserve’s Faster Payments Task Force has finally finished its work and issued recommendations after some 120,000 labor hours. Meanwhile, the technology to support and deliver faster payments is reaching critical mass, moving us close to the reality of real-time payments.
Yet is it enough to hope that old systems can somehow keep up? Such a non-starting strategy will leave financial institutions exactly where they were before the payments revolution began—sacrificing faster payments to remain in the past of payments.