ICBA to Fed: Move Fast on Faster Payments

Nov 12, 2019

ICBA called on the Federal Reserve to introduce its real-time payments service as quickly as possible to maximize adoption among community banks.

In a comment letter, ICBA applauded the Fed for deciding to develop the FedNow real-time gross settlement system and advocated expeditiously launching a minimally viable service, rather than waiting up to 10 years to introduce an optimal version.

ICBA said proceeding to market expeditiously with a minimally viable real-time service would allow community banks to choose to use FedNow, The Clearing House's RTP network, or both real-time services—facilitating nationwide adoption of faster payments.

ICBA led a years-long campaign on behalf of Fed involvement in real-time payments and will continue working with the Fed as it develops and implements FedNow.