The Federal Reserve says it plans to develop a new real-time payment system that will let consumers clear paychecks, bill payments, and money transfers much faster.
The Federal Reserve on Monday announced plans to develop a new real-time payment system that will let consumers clear paychecks, bill payments, and money transfers much faster.
"Immediate access to funds could be especially important for households on fixed incomes or living paycheck to paycheck, when waiting days for the funds to be available to pay a bill can mean overdraft fees or late fees that can compound," she said. According toThe central bank’s new payment clearing initiative plans to develop infrastructure to facilitate real-time money transfers between banks.
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