Faster Payments, Finally?

The financial industry and the Federal Reserve are finally on the same page about the U.S. payment system's need for speed. But achieving consensus about what the new system should look like remains a tall order.

Speedier transactions could make a big difference for a wide range of consumers, from hourly workers to patients waiting for medical insurance claims to clear.

It took a decade and a government mandate for the U.K. banking industry to develop a set of rails to transfer funds from one bank account to another in seconds.

Fedcoin could have a lot of benefits, such as helping unbanked buy goods and pay bills online. But about those "know-your-customer" risks....