Tom Groenfeldt

JANUARY 30, 2019

Fed payment experts think the central bank should build and operate a real-time payments network to provide competition to the TCH network operated by the largest banks.

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PYMNTS

MARCH 18, 2019

Connecting these two dots suggests a few important things that, for banks and card networks, might be the 2020 hindsight that could have come in handy had they stopped to look backwards a few years ago: That the Fed has much more than a passing interest in how faster payments are run in the U.S. This delay was initiated by the Fed.

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Faster Payments Fed RTP Same Day ACH 80

PYMNTS

OCTOBER 12, 2020

In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market. Having an efficient onboarding process will be key to ubiquity, he said.

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PYMNTS

JANUARY 31, 2019

.” In other related news, the Saudi British Bank (SABB), the third-largest bank in Saudi Arabia, said its cross-border payment pilot — with Ripple as an underpinning — has gone live. Federal Reserve said that Fed should develop its own real-time payments network.

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PYMNTS

JANUARY 24, 2019

Since The Clearing House (TCH) launched Real-Time Payments (RTP) in 2017, the system has yet to reach ubiquity in the U.S. Meanwhile, the European Central Bank (ECB) launched its much-awaited TARGET Instant Payment Settlement (TIPS) system. is hoping to attain real-time payments ubiquity by that point. About The Tracker.

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Federal Reserve Real Time Payments Faster Payments RTP 67

PYMNTS

MAY 10, 2019

” In addition, these changes would lead to adjustments in the central bank’s services so that The Clearing House (TCH) would be able to settle same-day transactions later in the day, via the NSS. The changes would include “extending the closing of NSS by one hour to 6:30 p.m.

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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.

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