Remove Instant Payments Remove Interbank Settlement Remove TCH
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FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

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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. We can also see opportunities for small and medium businesses.

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Deep Dive: Weighing The Federal Reserve’s Faster Payments Proposal

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Another solution is designed to accelerate payments beyond even same-day offerings. TCH, which is co-owned by 25 banks, launched Real-Time Payments (RTP) in November 2017. The new rail facilitates 24/7 payment clearing and settlement in real time. The Clearing House (TCH), for instance, has voiced its opposition.