The Clearing House Association

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.

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.

Congress should get behind the Fed's effort to launch a real-time payments service instead of getting in its way.

Congress should get behind the Fed's effort to launch a real-time payments service instead of getting in its way.

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.

The Clearing House is working to add its Real-Time Payments (RTP) network as a third payment rail for Early Warning Services’ Zelle P2P payments service and to enable Zelle bill pay and possibly point of sale transactions.

Increased adoption of The Clearing House’s faster payments system could put pressure on community banks and credit unions awaiting the launch of the Fed’s competing service, FedNow.

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.

The Clearing House has been quite clear that it did not think the Federal Reserve's FedNow real-time settlement service would be necessary. But some of its executives are rethinking that stance.

Vice Chairman Randal Quarles’ public dissent raises questions about how the board will proceed on other policy debates.

Community banks shouldn’t wait for the Fed to create a new real-time payments rail when consumers are already flocking to other options.

“It wouldn't be unusual” for the Federal Reserve to work alongside private-sector operators in the creation of a U.S. real-time payments system, its chairman said.

Community banks shouldn’t wait for the Fed to create a new real-time payments rail when consumers are already flocking to other options.

The CEO of a big-bank lobbying group recently said that the central bank may be on the verge of pulling a bait and switch on faster payments. But his comments glossed over a lot of the relevant history.

The Clearing House's Real-Time Payments hasn't grown as fast as it would like, but recent small-bank adoption is providing momentum for a network that assumes the Federal Reserve won't start its own real-time service.

The trade organization is promoting deputy general counsel John Court to succeed Jeremy Newell in July.

More businesses are considering moving away from cash and checks, according to a recent survey by Citizens. That should be a wake-up call to smaller institutions, said Michael Cummins, who oversees treasury solutions at the regional bank.

Avidia Bank joins the network even as other community banks call on the Fed to create its own real-time payment service to compete.

Digit's savings app, relying on JPMorgan Chase's new real-time payments service, will offer customers an instant withdrawals feature that uses savings as a cushion against checking overdraws.

In 2016, a big-bank consortium said that it would charge the same prices to all institutions, regardless of their size. But now the group has added a large caveat to that pledge.