Central Banking

US reform could slash $150bn payments bill, says Fed’s Pianalto

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Sandra Pianalto, president of the Federal Reserve Bank of Cleveland, has outlined the Fed's vision for a faster, more efficient and innovative US payments system in 10 years' time. She said this includes moving all or part of the country's Automated Clearing House to same-day clearing and settlement.

Pianalto described the ACH as one of the "laggards of the payment world" as it is, at best, a next-day batch clearing and settlement system. "I am certain that there will be a time when all ACH paym

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