On July 9, 2019, Nacha’s Bill Sullivan, representing the ACH Network, was a panelist along with ICBA, The Clearing House and Financial Innovation Now (FIN) for a Congressional staff briefing on the Federal Reserve’s role in faster payments. Panel topics and questions included:
- Does the Federal Reserve have standing to launch a RTGS service? Does it pass the three tests in the Monetary Control Act?
- What would a Fed-operated system mean for market competition?
- Could a Fed-operated service be interoperable with existing networks? What would it take to make that happen?
- How would real-time payments impact underserved consumers?
- What are some of the most interesting use cases / value of real-time payments?