Immediate funds transfer (IFT) is a convenient, certain, secure and low-cost means of electronically transferring money between bank accounts with no or minimal delay in receivers’ receipt and use of funds. Yet IFT is not widely available in the U.S. This article summarizes discussions on the potential for IFT in the U.S. held at the Symposium on Immediate Funds Transfer for General-Purpose Payments, sponsored by the Federal Reserve Bank of Chicago, on September 7, 2011.
Chicago Fed Letter, No. 292a, November 2011
Evaluating the Potential of Immediate Funds Transfer for General-Purpose Payments in the United States (Special Issue)