NEWS on Payments

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ICBA Backs Fed Role in Faster Payments: Blog

Jun 17, 2019

ICBA supports the Federal Reserve's leadership role in faster payments, which will provide safety, integrity, continuity and equitable access to all financial institutions, ICBA's Cary Whaley writes in a new blog post.

In Main Street Matters, Whaley notes that big banks oppose the Fed's entry into faster payments because The Clearing House has introduced its own Real Time Payments Network. However, no other entity has the breadth to reach every financial institution in the nation.

"Ultimately, industry-wide ubiquity may never be achieved without the Fed’s involvement, making it less of a choice and more of a strategic imperative," he writes.

Read the Blog Post