“The central bank oversees the nation’s payment system. The Fed is seeking public comments on the weaknesses of the system, including its inability to process transactions in near-real-time. The U.S. lags behind other countries in the speed of transactions, the Fed said.  ‘In a world where several other countries are moving to ubiquitous near-real-time retail payment systems, the U.S. payment system does not have this capability,’ according to the paper. The central bank also said ‘cross-border payments from and to the United States are slow, inconvenient, costly and lack transparency regarding fees and timing.'”

http://www.americanbanker.com/syndication/fed-warns-of-escalating-threats-to-us-payment-system-1061942-1.html

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