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Episode 215 – From the Vault: On Faster Payments in the U.S. (Episode 10)

Yvette Bohanan

August 9, 2023

Payments on Fire Episode 10, originally aired: October 27, 2014

What does a new carpet in a bank branch have in common with a new payment system?

We find ourselves pondering many questions since the FedNow® launch, the third fast payments network introduced in the US.

Since the launch of Zelle in 2014, some big questions remain unanswered: What do we call this new system? Instant Payments, Faster Payments, Real-time Payments, or Fast Payments? What distinguishes a fast payments system from one that moves money fast – like PayPal or Venmo? Will we embrace these new networks in all the payment domains – the way Brazilians are embracing Pix? Or, will we use them judiciously, just when it’s necessary or convenient (because we’re quite happy with the way things are, thank you very much)? 

To gain perspective on the questions that have been asked and answered, and those that remain, we’re giving a second listen to Episode 10 – when George Peabody sat down with Carol Coye Benson to discuss The Clearing House’s announced plans for a multi-year effort that resulted in their fast payments network, RTP®

In 2014, Carol discussed topics that still hold true today – explaining the essence of a fast payments system and key concepts like the importance of brand for end-user adoption, the role of ubiquity in the success of a new network, and the use cases that could benefit from fast payments systems.

So, what does a new carpet in a bank branch have in common with a new payments system? Listen and find out. And if you want to know more about the future of fast payments in the U.S., join us for our first Payments on Fire Live Stream on September 14, where Glenbrook will be speaking with industry experts from The Clearing House and Federal Reserve Financial Services. 

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