July 7, 2023, 12:00 PM UTC

Money is getting faster. Regulators need to adapt.

Thanks partly to the pandemic, America’s long-term shift toward electronic money has accelerated. Yet its banking system hasn’t kept up. Although money-moving apps and websites are available night and day, most transfers are still processed on networks that operate during business hours only. So while a payment can be made within seconds, the recipient will need to wait hours or days for the funds if it’s after closing time or on a weekend.