Faster Payments Council

SEPTEMBER 17, 2019

While responses to the FedNow Request for Comment aren't due until November 7, we're looking at a significant strategic undertaking: we're forming recommendations for the first new payments system initiated by the Fed in more than 40 years. With our responses, we, quite literally, are shaping the future of payments.

FPC 68

FPC FedNow Fed Request for Comment 68

PYMNTS

NOVEMBER 14, 2017

The first transaction, in addition to moving funds, also carried data in an invoice-like fashion to accompany requests for payments which are irrevocable. All in all, the transfer took three seconds — as opposed to the hours or days more typically associated with an ACH transfer. Progress in the U.S.

Real Time Payments 77

Real Time Payments RTP Irrevocability Faster Payments 77

PYMNTS

JANUARY 21, 2019

That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-time payments system in the U.S. And maybe move the Fed in their preferred direction. That suggests that putting the Fed front-and-center in the U.S.

Faster Payments 77

Faster Payments Same Day ACH Fed Real Time Payments 77

PYMNTS

AUGUST 12, 2019

That’s the talk track now from the Fed , which a week ago today announced its plans to build and operate a new set of real-time rails, using accelerated access to employer paychecks as its launch use case. It’s also not why the Fed decided to enter the real-time payments fray. The Fed’s Not-so-Fast Ambitions. financial system.

Real Time Payments 78

Real Time Payments FedNow TCH Fed 78

The Fintech Times

JULY 24, 2024

The Fed’s involvement holds a lot of weight and starts more foundational conversations around real-time payments – particularly with small financial institutions. With the Fed establishing their own instant payments platform (FedNow), instant settlement is no longer a novel innovation, but a permanent capability in the US economy.

FedNow 59

FedNow Instant Payments RTP Federal Reserve 59

FICO

JUNE 15, 2023

raced by a milestone when the Fed raised interest rates for the tenth straight time since March 2022 in an ongoing race against inflation. If there is a common denominator across all the scams, it’s the instant and irrevocable nature of real-time payments. They Didn’t Teach This in Econ 101 On May 3, the U.S.

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52