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