ICBA strongly urges the Federal Reserve to assist in achieving ubiquitous, nationwide access to safe and efficient faster payments for all financial institutions, and most importantly, their customers by serving three roles:
- operator of a real-time gross settlement service,
- operator of liquidity management tools,
- operator of a payments directory switch or hub linking financial institutions to other payments directories.
ICBA supports the Federal Reserve System in its dual role as payment systems regulator and provider/operator of services and urges the Reserve Banks to support the development and evolution of payment systems with new operational roles.
ICBA supports rules and standards organizations and the role they play in developing and maintaining payment systems’ access and functionalities. ICBA urges these organizations to have governance processes which enable and foster community bank participation and support transparent, timely and inclusive rulemaking.