Banks say widespread adoption of instant payments could be delayed by a Fed system update
Big banks are fighting a likely U.S. government effort to speed up how money moves through its payments system, arguing this could derail a private network they have developed.
The battle is dividing financial firms and policy makers at a time when payments are becoming a potential flashpoint between banking and big tech. Facebook Inc. has announced plans to launch a cryptocurrency-based payments system on the back of its social network, while Chinese giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd. have developed...
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