Innovations that enable faster payment processing -- at or near real time -- are changing how people around the globe use money. Even the U.S., a relative laggard, is seeing movement by both industry and government. The proliferation of these new payment solutions may call into question the future of traditional services like cards, checks and the existing interbank infrastructure. Yet the outcome is far from clear. We know that the use of faster payment systems is growing, but is there enough demand that they might actually displace traditional services? Furthermore, the impact of faster settlement on the economy may not be fully understood. What are the risks and the advantages for consumers, merchants and governments?
Policy Research Analyst, Center for Financial Markets, Milken Institute
Vice President, Payment Industry Relations, Federal Reserve Bank of Chicago
Director of Communications and Policy Affairs, Dwolla
Executive Vice President and General Counsel, ACH Network Administration & General Counsel, NACHA