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Dec. 10, 2018: CALL TO ACTION: Advocate for Faster Payments

Call to Action: Advocate for Faster Payments

Dec. 10, 2018

On Friday, December 7, 2018 ICBA held a call regarding Faster Payments to community banks. The Federal Reserve is seeking public comment on services that the Reserve Banks could offer to support faster payments in the United States. Potential services include:

  • a real-time interbank gross settlement system for faster payments operating 24 hours a day, seven days a week, 365 days a year (24x7x365); and  
  • a liquidity management tool for supporting the transfer of funds between a Federal Reserve master account and another Federal Reserve account used to support 24x7x365 real-time interbank settlement for faster payments, regardless of whether those services are provided by the private sector or the Federal Reserve Banks.

The Federal Reserve is proposing to offer these services to help provide access to faster payments to community banks. 

But they need to hear from you!

ICBA has developed tips for submitting comment letters and additional resources to help you contact the Fed with detailed and personalized comments.

Comments are due by December 14, 2018


The time is now to reach out!

For more information, please contact:

Cary Whaley, First Vice President, Payments and Technology Policy at cary.whaley@icba.org.

 

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