Shivani Siroya

The Speed of Money: What Faster Payments Mean for Banks, Consumers and the Economy

Jackson Mueller, Daniel Gonzalez, Jordan Lampe, Jane Larimer, Shivani Siroya, Dan Gonzalez

Amidst a highly fragmented U.S. payment landscape involving over 12,000 financial institutions, the Federal Reserve's Faster Payments Task Force is guiding an industry-led transition to enhance settlement speeds and data capacity. This initiative builds upon NACHA's mandatory Same-Day ACH rules while evaluating hybrid network models to meet the 75% of businesses expecting one-hour payment completion without relying on a single dominant rail. Driven by global precedents and technical standards like ISO 20022, the sector anticipates a robust, interoperable real-time ecosystem within three to five years that balances innovation with existing prudential regulations.