WASHINGTON — The Federal Reserve’s real-time payment system could be a transfer platform for individuals and businesses, a number of top financial experts said Thursday at the American Action Forum.
WASHINGTON — Three top financial experts discussed Thursday on whether the Federal Reserve’s real-time payment system could be a transfer platform for individuals and businesses in the future, not all experts agreed with it.
Rep. Ted Budd, R-N.C., said that the real-time payment systems present benefits to customers and industries, but the Fed must attract other financial institutions to join its real-time payment service.
In August, the Fed announced FedNow Service would be launched in 2024 to enable the instantaneous transfer of money, with the potential to become a widely used transfer platform with more flexibility for individuals and businesses to make real-time payments.
Cary Whaley, vice president of the Independent Community Bankers of America, said there is no conflict between different real-time payment systems.
“Multiple real-time payment systems could work together to make the economy stronger,” he said.