Why are Americans still waiting for instant payments?
- Instant payments adoption in the U.S. is moving slowly
- Universal availability of instant payments is still a long way off
- Hundreds of banks are using the Fed’s new instant-payment service
- Michael Barr, the Fed’s vice chair for supervision, acknowledges the slow progress
The adoption of instant payments in the U.S. has been sluggish, with universal availability still a distant goal. Despite the introduction of the Fed’s new instant-payment service, called FedNow, the progress has been slow. Hundreds of banks are using the service, but it will take a long time before it becomes widely available. Michael Barr, the Fed’s vice chair for supervision, acknowledges the slow pace of adoption. The U.S. still has a long way to go before Americans can enjoy the convenience of instant payments.
Public Companies:
Private Companies:
Key People: Michael Barr (Fed’s vice chair for supervision)
Factuality Level: 3
Justification: The article contains some exaggeration and sensationalism in the title and opening statement, presenting the slow adoption of instant payments as a joke. However, the article does mention Michael Barr, the Fed’s vice chair for supervision, and his statement about the slow progress of instant payments. Therefore, while there is some bias and sensationalism, the article does provide factual information.
Noise Level: 2
Justification: The article contains a joke and a play on words, which can be seen as filler content. It does not provide any meaningful analysis or insights on the topic of instant payments in the U.S.
Financial Relevance: Yes
Financial Markets Impacted: No
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to the financial topic of instant payments and the slow adoption of such systems in the U.S.
www.wsj.com 
