Data miner recipe creator11/28/2023 ![]() ![]() That is because bank customers are used to payments taking several days to clear and accustomed to paying extra money when charges come in when they have insufficient funds. But making banks use faster payments for everyday transactions would change customers' expectations about what is possible in the payment settlement world.īy contrast, not issuing such a mandate would relegate faster payments - this shiny new service that the Fed has either been deliberating about whether to build or building for a decade or more - to being a premium service reserved for special occasions or emergencies. The last remaining step to making FedNow a success is revising Regulation CC to require banks to execute transactions using the fastest means available to them.įor many banks, that method may very well be the old tried-and-true ACH batch clearing networks - it is the fastest available, after all, if you have not joined RTP or FedNow and have no intention of doing so. ![]() The work of bringing faster payments to the United States, however, is not yet done. They can also get away with not doing stuff they're supposed to do for a long time - even indefinitely. Agencies can take a long time to develop regulations even when sufficiently motivated, but they can also get into trouble if they drag their feet when they're not. The same phenomenon is true of government agencies when Congress mandates that they issue some or other regulation to solve a problem. But like it or not, kids have to go to the dentist sooner or later, and stalling does nothing but delay the inevitable. This phenomenon can be explained as a matter of insufficient motivation - going to the pool is fun, going to the dentist is not. ![]() When it's time to go to the dentist, they turn into the people on TV commercials who can't make an egg or carry a box of spaghetti. When it's time to go to the pool or a birthday party, their shoes are on, bags are packed and they're ready to go. My kids - and this is true of all other little kids I know - can be selectively lazy. ![]()
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