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The European Commission has been making rules for the past decade that have pressed banks in the region to adopt modern core systems. U.S. banks are playing catch up as they attempt to integrate with The Clearing House's RTP network and the Federal Reserve's real-time-payment processing system FedNow.
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"On average, the U.S. banks are 10 to 20 years behind most other countries in terms of payments technology," said Celent payments analyst Gareth Lodge.
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