Brainard: Fed understands FedNow urgency

Feb 06, 2020
The Federal Reserve understands stakeholder urgency to quickly launch the FedNow real-time payments service and is working to determine initial business requirements, Fed Governor Lael Brainard said.

Speaking at Stanford, Brainard said FedNow and The Clearing House's RTP system together will increase payments speed and efficiency. In a November comment letter, ICBA called on the Fed to introduce FedNow as quickly as possible to maximize adoption among community banks.