WASHINGTON—The Federal Reserve is offering a webinar Monday, Nov. 26 on its recent proposal to develop a 24/7/365 real-time gross settlement (RTGS) service to facilitate interbank settlement of faster payments.
In October, the Federal Reserve released a proposal relating to a potential settlement service and liquidity management tool that could help address the future needs of a real-time retail payments environment. The Fed is encouraging comments on the proposal – especially from smaller financial institutions, such as credit unions.
Registration for the Fed's webinar is available here.
NAFCU has served on both the Fed's Faster Payments and Secure Payments Task Forces, which were formed as a part of the Fed's "Strategies for Improving the U.S. Payment System," since their inception in 2015. The conclusion of those task forces led to the development of the FedPayments Improvement Community, of which NAFCU is a member.
“NAFCU continues to be in constant communication with the Fed regarding its work to make the payments system faster and more secure; the association met earlier this month with Fed staff to discuss the strategy for achieving more secure payments. NAFCU has also urged the Fed to stay away from a ‘one size fits all’ approach to the payment system's future,” the trade association stated.