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The digital payments revolution: Real-time payments, completed almost instantaneously and processed 24/7/365, are becoming “the future of payments.”3 By mid-2016, the capability was already implemented or in deployment in more than 20 systems around the world, often driven by government mandates. In the United States, the Federal Reserve is encouraging the banking sector4 to create a similar capability. While the U.S. approach will be optional, banks will be encouraged to adopt the approach or “risk losing payment revenues, customers and a competitive edge.
