Federal Reserve Chairman Jerome Powell last week told Congress that the Fed doesn't think implementing its FedNow real-time payments service will take the full five years it originally projected.
As reported by American Banker, Powell told the House Budget Committee that the agency thinks the FedNow launch will take three or four years. "Getting it right the first time is key," Powell said. "So we want to have it up and running within three to four years."
ICBA last week called on the Fed to introduce its real-time payments service as quickly as possible to maximize adoption among community banks.