A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks.
Though they face an array of competitive threats — from digital currencies to peer-to-peer payment apps — the vast majority of community banks do not have a payments strategy, according to a recent survey.
The global messaging network Swift and its fintech challenger, Ripple, have been vying for bankers’ hearts and minds for more than a year. Whoever prevails, their latest moves could bring needed change to how international banking is done.