Faster Payment Comment Letter to Senate Committee

Letter to Committee on Banking, Housing & Urban Affairs

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.

Download our full letter to the Senate Committee on Banking, Housing, and Urban Affairs


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