NEWS on Payments

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ICBA Makes News on Real-Time Payments

Aug 06, 2019
ICBA was featured in news coverage of the Federal Reserve's ICBA-advocated announcement that it will develop a service to support real-time payments.

The Wall Street Journal, Politico, The Washington Post, American Banker and other major news outlets quote ICBA President and CEO Rebeca Romero Rainey on what the announcement means for community banks.

The launch of the FedNow Service—the Fed’s first new set of payments rails in 40 years—follows years of ICBA-led advocacy on behalf of a faster payments system that ensures access and choice for community banks.

As the Fed neared its decision in recent weeks, ICBA and community bankers responded in force with thousands of messages and phone calls to policymakers, shoe-leather meetings on Capitol Hill, op-eds and blog posts, and an ad campaign in Beltway publications on top of hundreds of formal comment letters.

ICBA applauded the Fed on the announcement, which will ensure universal access to real-time payments, avoid a megabank monopoly, and encourage innovation that will benefit consumers nationwide. ICBA also issued a timeline showing its years-long advocacy on the issue.

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