Imagine a world where banks are connected. Not just in the fairly tentative way they are now through all the third-party payment networks like card schemes and SWIFT but really connected. So they can pass rich, detailed messages of any type and where necessary, include real-time settlement with the message. What would such a world look like?
An industry has built up due to the inability of banks to work together directly. But what would happen if the banks were actually connected? With a rich, immediate communication and payment network such as the Trusek Universal Payment System, that would allow the banks to act as an industry instead of a group of individual institutions.