November 7th, 2019 – Financial Innovation Now today joined many other industry stakeholders in support of the Federal Reserve’s work to build FedNow, a real-time bank settlement system, and called on the Federal Reserve to act swiftly.
In a letter to the Federal Reserve Board of Governors, FIN stated:
“We strongly support the Board’s decision to develop FedNow. FIN believes FedNow is critical because: 1) consumers and small businesses, particularly the underserved, need accessible and affordable options, and they have twenty-first century expectations for their money; 2) innovation in the United States will flourish through two or more settlement networks, helping to mitigate the harm of proprietary standards and rules; 3) America’s payment infrastructure is long overdue for an upgrade, while other countries are outpacing the United States in adopting real-time payments; and 4) ubiquity can only be achieved by the Federal Reserve, which is uniquely positioned to connect all financial institutions in the United States…. FIN urges the Board to move expeditiously to make the core FedNow settlement infrastructure available as soon as possible, and set a date certain to ensure all stakeholders can plan appropriately.”