Fed Faster Payments Decision Means More Consumer Control

The Federal Reserve announced this week they will move forward with a plan to upgrade America’s financial infrastructure to allow for faster payments.

This decision was highly anticipated and welcomed by retailers, community banks, technology firms, and consumers – all who will benefit from safe and efficient faster payments in the United States.
 

What does faster payments mean for businesses, consumers, and workers?

• More control and clarity over finances.

• Dramatically faster payment processing.

• Real-time, safe access to funds. No more waiting for checks to clear over a weekend or holiday that could lead to billions in overdraft fees.

• Less reliance on high-cost financial services in order to access funds more rapidly.

• With the Fed operating a faster payment system, small institutions and entrepreneurs can compete for business on a more level playing field.

RILA has long advocated for speeding up electronic payments and has been a collaborative partner with the Federal Reserve, participating in the Secure and Faster Payments Task Forces. These efforts brought industries from across the payment ecosystem together to discuss a wide range of policy issues, with the overall goal of updating and improving the nation’s payment infrastructure.

For more information about RILA’s advocacy work on faster payments, contact Austen Jensen.