For many Americans, dealing with delayed and pending transactions is a costly problem. According to the a study released by the Federal Reserve of Philadelphia, paper checks are becoming less practical. Customers want liquidity and instant access to their funds.

Vice President, Innovation, Research, and Policy, Rachel Schneider, was quoted in the article and commented on how important timing is for families who are living on the edge financially. Schneider predicts innovations in the payment systems which will make real time payments easier for struggling consumers.

See the full article here on Huffington Post.