Interbank Settlement, Interoperability and TCH

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

PYMNTS

OCTOBER 12, 2020

As reported in August, the Fed had announced some additional details of the 24/7 year-round interbank settlement service through a program that began to take shape in 2019, geared toward speeding processing times tied to instant payments (and featuring a clearing function). Looking Toward Interoperability And Scale .

Instant Payments

Instant Payments FedNow Fed Interoperability

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

PYMNTS

FEBRUARY 4, 2019

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 Independent Community Bankers of America and the CUNA requested that the Fed system be interoperable with the private sector’s real-time payment rails. .

Faster Payments

Faster Payments Federal Reserve Real Time Payments TCH

Payments Space

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

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

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