In a long-awaited decision, the Federal Reserve today announced it would develop FedNow, its own 24/7/365 real-time settlement service designed to serve all U.S. depository institutions.
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As the Federal Reserve weighs whether to develop a real-time payments option, an American Banker op-ed today noted that community banks cannot afford to wait on a Fed solution to offer this technology to their customers.
ABA last week submitted comments in support of the Federal Reserve’s recent proposal to modify the Federal Reserve Banks’ National Settlement Service and Fedwire Funds Service to accommodate a third same-day ACH processing and settlement window.
The RTP network — the first new payment rail launched in the United States in four decades — is a bank-driven system for instant processing and settling of payments.
The Clearing House’s Real-Time Payments system is open to all depository institutions with no volume discounts and with a model that will lead to lower pricing as the system reaches scale, TCH President and CEO Jim Aramanda said today at the ABA Payments Forum in Washington.
As promised in March, the Clearing House today named two community bankers to the Real-Time Payments Business Committee. The committee provides input and guidance to the RTP network, a new real-time core payments system operated by TCH.
The American Bankers Association announced today that it has hired Consumer Financial Protection Bureau veteran Dan Smith to serve as executive director of its Card Policy Council.
The U.S. Faster Payments council—an industry-led coalition dedicated to driving faster payments innovation and adoption—has announced that ABA SVP Steve Kenneally has been elected to a two-year term on its board.
ABA, its transaction banking subsidiary BAFT and other industry trade associations today urged the Consumer Financial Protection Bureau to continue permitting depository institutions to provide estimates of pricing information in remittance transfer disclosures where the exact amounts cannot reasonably be determined.
The Clearing House today released a set of eight “business principles” that will govern the operation of its RTP network, a new real-time core payments system.