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pay world
real-time payments gains momentum in the U.S.
brand name in the U.K., but it
also describes the goal of regulators and financial institutions in many countries that want to speed up payments. Eighteen countries are live with real-time payments and 12 countries—in- cluding the U.S. and Canada—are researching, planning and building systems, while an additional 17 countries are exploring real-time payments through a pan-Eurozone initiative, according to financial messaging platform SWIFT.
Talk of faster payments is not new, but momentum is building in the U.S., where the Fed has convened
The Need for Speed By Loraine DeBonis, Editor-in-Chief
Global push for Faster Payments may be a
a special task force, NACHA has plans for same-day ACH settle- ment and The Clearing House (TCH) is developing its own real-time payments network. Meanwhile,
the International Payments Frame- work Association (IPFA) is support- ing faster cross-border payments, and the ISO 20022 Real-Time Payments Group (RTPG), which includes more than 50 global stakeholders, is circulating a draft set of core data message guide- lines for ISO 20022 transactions, with the long-term goal of making real-time payment systems across markets interoperable (see sidebar at right). For the most part, these initiatives are focused on P2P or