The Federal Reserve requested comments on its announced decision to build a real-time payments network, FedNow. The comment period closed yesterday with 68 entries submitted by networks, processors, and community banks who have championed the Fed’s involvement.
You can browse through these comments here. I have only started to skim through the responses, but one comment that has appeared multiple times is a request for the Fed to not only build money movement tools but also fraud protections.
Monica Eaton-Cardone, COO of Chargebacks911 voiced her own concerns about the topic of faster payment fraud in a PaymentsSource opinion piece, making the argument for a single industry approach to fraud and also dispute handling.