Banks’ Newest Fed Headache: Nonstop Instant Payments - WSJ

Under an existing system called ACH (automated clearinghouse), transactions typically take several days to settle. That can be frustrating for those waiting to receive their funds but often benefits banks that use the money in the interim.

It’s long past time for instant payments. Rather gouche that we sit around waiting for our money, while the banks get to continue to play with something that isn’t theirs.