The American Bankers Association and credit union groups are among those offering their support for the Federal Reserve Board's plans to build a new round-the-clock real-time payment and settlement service.
For over five years, the Fed has been inching the US along a journey towards a payments system fit for the 21st century. After much deliberation, earlier this year it decided to build its own interbank 24x7x365 real-time gross settlement service with integrated clearing functionality, dubbed FedNow.
Several industry players responded to a request for comment on the plans, with most offering broad support.