Payments News

PayThink | Banks can't be counted on to lead faster payments

Jun 19, 2019

History has shown that banks cannot be trusted with exclusive rights to payments innovation. They have never done it in the past and likely never will in the future.

In 2015, Benjamin Lawsky, New York’s then-superintendent of financial institutions, referred to the U.S. as having a “disco-era payments system." 

At the time, he was speaking in reference to New York being the first state to license digital currency. Looking back over the past four years, it seems we’ve made very little progress in modernizing payments in the U.S., while many other industrialized nations have embraced all sorts of faster and more convenient payments. 

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