The Consumer Financial Protection Bureau has suggested that financial institutions get busy on implementing consumer protections for real-time and faster payments.
As the technology develops for making payments quicker, banks must be aware that they're still required to protect consumers from fraud, they can't gouge consumers on fees and high interest rates and they must be able to handle and fix their own errors.
As banks and credit union design systems to handle faster payments, consumer protections must be included in the initial designs, CFPB Richard Cordray said.
"Companies developing new financial technologies should be building systems from the outset with consumer protections in mind," Cordray said in a news release. "It is a lot easier to build something right from the start than it is to retrofit it."