Democratic senators in the US are pushing a bill that would require the Federal Reserve to develop a real-time payment system as an alternative to the bank-backed Clearing House network.
The Payments Modernization Act has been proposed as a means to force the Fed to take on The Clearing House's Payments Network (RTP), which is controlled by the nation's biggest banks.
Co-sponsored by Senator Elizabeth Warren and Chris van Hollen, the Bill would “require financial institutions to recognize funds in ", providing the Fed with a mandate to deliver its own system.