Oct. 04, 2018 — ICBA continued its call for the Federal Reserve Board to ensure a role for itself in faster payments after the Fed requested public comment on next steps. In a news release, ICBA also said it is concerned the Fed hasn’t addressed universal access to faster payments for financial institutions of all sizes.
“By serving an operational role, the Fed will provide safety, integrity and equitable access to all financial institutions, as it currently does for checks, ACH payments and wire transfers, which will lead to greater adoption of faster payments and will build a foundation for financial innovation,” ICBA President and CEO Rebeca Romero Rainey said.
In a request for comment detailed by Fed Governor Lael Brainard during a speech in Chicago, the Fed is seeking feedback on the development of around-the-clock, real-time interbank settlement of faster payments. It is also seeking views on the creation of a liquidity management tool that would support settlement services provided by both the private sector and Federal Reserve Banks.
The Fed said it will host town hall discussions starting later this month to provide an overview of the conceptual approaches presented in the proposal and answer questions. Comments are due by Dec. 14.
In an April 2017 industry letter, ICBA encouraged the Fed to use its connectivity among financial institutions to provide universal access, serve an operational role as it does for other payments services, and operate a payments directory.