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.”
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