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FedNow, RTP interoperability is inevitable — down the line

Bank Automation

The Clearing House’s Real Time Payments network and The Federal Reserve’s FedNow network are prepared to tackle interoperability eventually — but for now, its value remains minimal.

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Fed, TCH joust over interoperability

Payments Dive

When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.

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The Clearing House On The Race for Real-Time Payments In The US

PYMNTS

Waiting for the Fed — and its promise of interoperability, which requires participation from the private sector — is akin to playing the (very) long game. Waterhouse said that in terms of TCH’s own initiatives in getting banks on board the ongoing effort to make RTP ubiquitous across the entirety of the U.S. New Trends Emerging.

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Solving for the Interoperability Challenge

Faster Payments Council

While we're well on our way to establishing a thriving faster payments ecosystem, we recognize we're still missing a key factor that can contribute to achieving ubiquitous faster payments: interoperability. 53% of respondents expressed the lack of interoperability as a key barrier to faster payments adoption.

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Deep Dive: Making Instant Payment Schemes Universal And Interoperable

PYMNTS

An interoperable cross-border solution could remove these frictions and provide smooth transfers between two real-time payment systems, while a single, globally accessible faster payments service could offer swift end-to-end transfers. Smooth communications between players must be supported if payment schemes are to be interoperable.

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U.S. Faster Payments Council Publishes Operational Considerations for Receiving Instant Payments Guideline

Fintech Finance

With contributions from industry experts, the guideline aims to help FIs enhance their operational readiness for real-time payments, including RTP® and FedNow®. I truly think this will be a huge asset to banks as they make their journey into the world of RTP and FedNow.”

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

PYMNTS

These comment letters highlighted the need for features to address accessibility, interoperability, security, liquidity, and fraud prevention,” Montgomery said. Looking Toward Interoperability And Scale . Looking Toward Interoperability And Scale . Interoperability is a core component” of FedNow, said Montgomery.