Send in Your Comment Letter by Dec. 14
The Federal Reserve Board is seeking public comment on services that the Reserve Banks could offer to support faster payments in the United States.
Potential services include:
1. a real-time interbank gross settlement system for faster payments operating 24 hours a day, seven days a week, 365 days a year (24x7x365); and
2. a liquidity management tool for supporting the transfer of funds between a Federal Reserve master account and another Federal Reserve account used to support 24x7x365 real-time interbank settlement for faster payments, regardless of whether those services are provided by the private sector or the Federal Reserve Banks.
ICBA is a long-time advocate of the Federal Reserve System offering services to support faster payments and ensure that all community banks have universal access to these services. The Federal Reserve’s clearing and settlement services for check, ACH and wire transfers support universal access for all financial institutions, including community banks.
The Federal Reserve Board needs to hear directly from community banks nationwide by the comment deadline of December 14, 2018.