One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments.
Community banks and tech companies that are happy the central bank is building a next-generation system are not as pleased with its four- to five-year timeline. But big banks see the slow rollout as an opportunity to expand their own instant payment network.
A new study released by the prepaid issuer MetaBank finds that most consumers want businesses to use faster payment methods when sending them money for refunds, rebates and claim payments.
Kenneth Montgomery, a top executive at the Federal Reserve Bank of Boston, will head the push to make faster payments available across the industry in the next four to five years.
From housing finance to Facebook’s crypto plans, moderators questioning the presidential candidates in Texas next month would have no shortage of financial policy topics from which to pick.
Readers react to the Fed's lengthy plan for a real-time payments system and Fifth Third's minimum wage increase, jab at Sen. Warren's absence on the Senate Banking Committee and more.
