Released: March 12, 2010

Sending money electronically: Why it’s hard

Source: Jennifer Saranow Schultz, New York Times (Free Registration)

When I covered consumer banking at The Wall Street Journal five years ago, banks and their technology providers said the next big thing was online, person-to-person interbank transfers — allowing people to send money from their bank accounts to someone else’s account at another bank.

Yet five years later, barely any banks offer the service. In fact, technology providers are now saying this is the year that banks will finally offer the online service, even though the technology is not new.

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