Congress Chimes in On FedNow Decision

The Federal Reserve announced a new instant payments system over the summer that will dramatically speed up payment processing, essentially allowing people and businesses to receive money in their accounts within seconds of a transaction. 

The new, “FedNow” infrastructure now must be built, and Congress will be weighing in on how that looks. Congressional hearings were held this week to further examine just how a faster payments system in the US will operate.

“RILA welcomes the opportunity to partner with Congress as the FedNow infrastructure is developed. The engagement by the Federal Reserve will help achieve ubiquitous, safe, and efficient faster payments across the ecosystem and, more importantly, benefit all Americans.”

During the past few years, RILA has been a collaborative partner with the Federal Reserve by working with the Secure and Faster Payment Task Forces (SPTF and FPTF). 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. These efforts culminated in the decision to establish FedNow.

Read our full letter to the Senate Committee on Banking, Housing, and Urban Affairs here.

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