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U.S. Faster Payments Present and Future

Everyone wants to get paid faster. As faster payments systems come online from central banks around the world.

That’s changing as consumers come to expect payments to work as immediately as commerce in general. The Chicago Payments Forum hosted two startups providing solutions for immediate payments at Chicago law firm Neal, Gerber & Eisenberg on Wed. Oct 10. The forum runs meet-ups dedicated to building a community of payments professionals in Chicago. 

Unlike in the UK, Australia, Hong Kong, Singapore, and other countries, faster payments will not be mandated by the Fed. Faster payments services will be developed and offered by payments market participants.

Given the acceleration of commerce and technology, the future almost certainly will mean increasingly growing volumes of faster payments, even if initial adoption is slow. Trends in countries that have adopted faster-payment schemes show generally consumer increasing uptake, and there is no reason to think that U.S. consumers would react any differently.

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