The Federal Reserves financial services and policy committee reaffirmed its commitment to developing a faster nationwide payments system in a release last Thursday (Sep. 4). U.S. payments are falling behind, particularly when compared with nations such as the U.K., where payments that are at or approaching real-time.
At the Federal Reserve Bank of Chicago’s forthcoming annual payments symposium, officials are expected to lay-out a roadmap to faster payments in the U.S. The Fed is officially committed to getting the U.S. banking system moved to at or near real-time payments within 10 years.
“The tremendous participation in our research initiatives and attendance and engagement at our forums is a testament to the focus and energy around these critical payment issues,” said Gordon Werkema, first vice president at the Chicago Fed.
In 2012, the private sector sought to require banks to process ACH transactions the same day they are initiated, but the proposal ultimately never went anywhere. NACHA was behind that proposal and is now proposing a new version of that plan.
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