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Ken Montgomery, who is heading up the Federal Reserve's faster payments network, says the agency is taking an incremental approach to launching the service.February 12
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To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.February 12
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The bank was one of the first users of The Clearing House's RTP network. Andrew Haskell explains how faster payments are helping the bank and its clients.January 27
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In a move to increase the attractiveness of its Real-Time Payment network, The Clearing House is raising the transactional limit for single payments to $100,000 starting Feb. 1.January 23
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The Fed's real-time payments system won't be up and running for years, but consumers and businesses demand faster payments today.December 2
Vice president of public affairsCross River Bank
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Stephen Ranzini, CEO of University Bank, says The Clearing House's RTP and Early Warning's Zelle handle enrollment, encryption and authentication insecurely.December 1
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The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S. than in other countries.November 24
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The Clearing House argues that participants in payments transactions could share far more invoice information over its real-time network.November 21
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The central bank originally predicted FedNow's launch within five years, but the Fed chairman told House lawmakers that he expects it will happen sooner.November 14
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Many small banks remain skeptical of the payments network because it is owned and operated by big banks and they are waiting for the Federal Reserve to launch a rival service.October 29
