Washington, D.C. (Oct. 6, 2016)—The Independent Community Bankers of America® (ICBA) and the North American Banking Company submitted their proposal to the Federal Reserve Faster Payments Task Force for a ubiquitous, secure and efficient faster payment system in the United States. The proposal includes a white-label mobile application and a payments directory to enable secure transactions that clear and settle through the ACH network using Same-Day ACH.
“Not only can consumers get access any time on any device, but because the platform leverages existing infrastructure and technology, it is ready for prime time now and requires minimum bank resources to deploy,” said Michael Bilski, CEO of the $400 million-asset North American Banking Company.
The proposed All Payments App can send payments to more than 150 million account holders on day one and allows users to send funds to unbanked individuals.
“Because the All Payments App uses banks as the distribution points and the ACH as the network, the system offers a much faster and more certain path to ubiquity,” ICBA Executive Vice President for Regulatory Policy Viveca Ware said. “Once the system is rolled out it can be modified to accommodate real-time payments, ensuring flexibility and relevancy to future payments innovation.”
The Independent Community Bankers of America®, the nation’s voice for nearly 6,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.