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How did a payment system from Japan in 1973 pave the way for the digital wallet in your pocket today? Join us as we uncover the fascinating history and rapid evolution of faster payment systems worldwide. We take you on a journey from Japan's groundbreaking Zenjin system to contemporary giants like the UK's Faster Payment System, Brazil's PIX, and India's UPI. Along the way, you'll hear my firsthand experiences from a recent FedNow feedback session in Utah, featuring insights from industry leaders like MX and Galileo.

Ever wondered why some transactions are instant while others take days? We break down the complexities of payment systems, diving into the mechanics of ACH, RTP, and the newly introduced FedNow. Learn about the crucial differences between push and pull payments and how banks manage the risks and fraud associated with each type. Through real-world examples, we emphasize the importance of maintaining a balance between transaction speed and security. Discover why certain transactions might seem slow but are actually designed to protect you from fraudsters who adapt quickly to new systems.

Is FedNow poised to revolutionize the financial industry like Zelle or UPI? In our final discussion, we compare these two real-time payment platforms and debate FedNow's potential to become a game-changer. We invite you to share your thoughts and feedback via LinkedIn or Twitter, and suggest future topics you'd like us to cover. Don't miss this comprehensive exploration of faster payments, filled with intriguing anecdotes and expert insights. Thank you for tuning in, and we can't wait to hear from you on our next episode!

Hosts: Sam Maule & Maia Bittner