Kansas bank outstrips the Fed with its real-time transaction system
CBW Bank is outdoing the efforts of the Federal Reserve by using real-time payments to offer customers immediate access to funds – even when they are paid across borders.
CBW Bank is outdoing the efforts of the Federal Reserve by using real-time payments to offer customers immediate access to funds – even when they are paid across borders.
CBW Bank is outdoing the efforts of the Federal Reserve by using real-time payments to offer customers immediate access to funds – even when they are paid across borders.
Based in Weir, Kansas, the bank has formed partnerships with all leading US debit networks as well as the cryptocurrency firm Ripple Labs. To facilitate its real-time payment function, it will launch a new payment product called the ONE Card in the coming months.
Using the system, cheques, wire transfers and other payments will be cleared immediately.
“The way existing bank accounts are structured is not going to meet the needs of future consumers and what they want to do with their money,” Suresh Ramamurthi, chairman of CBW Bank, told American Banker. “There are times when, at 2:00 a.m., you need to pay someone.”
In the future, the company also plans to add analytics functions to the card that can be used for market segmentation and risk management by providers, and which also offer online banking customers access to their full transaction histories.
Comments are closed.