Given the marked similarities between the U.K. and U.S. payment systems, the potential benefits of faster U.S. payments and the options to achieving a faster system are likely to be very similar to those in the United Kingdom.
If the United States were to implement a new system, productivity gains and technological learning from the experience of the United Kingdom and other countries could lower the costs; the larger U.S. economy, size of the population, and structure of the U.S. banking system, with a much larger number of depository institutions, could raise the costs. This last issue warrants further study, with emphasis on the cost to banks of various sizes of connecting to the new system.
Finally, an important issue is the question of who would own and operate a U.S. faster payment service. Options include: 1) private banks, 2) private-sector nonbank(s) with cooperation from banks, 3) a public-private organization, for example, a collaboration between the Fed (public) and the Clearing House (private) through a governing body such as NACHA, the Electronic Payments Association, and 4) the public via the Federal Reserve, U.S. Treasury, or other government body.