Community financial institutions encouraged to attend Federal Reserve meetings

posted by Kevin Christensen on Thursday, October 25, 2018 in SHAZAM Blog

The Federal Reserve Bank is hosting Federal Register Notice Town Halls in its 12 districts between Oct. 29 and Nov. 19. The purpose of the town halls is to offer community financial institution leaders and key stakeholders the opportunity for education and dialogue on the potential Federal Reserve actions to support interbank settlement of faster payments. This topic, at its core, is critical to interoperability of the emerging faster payments ecosystem.

Your accountholders deserve a world-class payments system where they can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. Through faster payments, we have an opportunity to improve the payment experience of individuals, households and businesses.

However, this faster payments future must be built upon the tenets of inclusiveness, collaboration, and universally agreed-upon standards. This structure will enable payments to be initiated and received at any time of day, any day, much like we experience today with text messaging.

SHAZAM has been vocal from the beginning, advocating for a payments system that’s fair and nondiscriminatory for all users.

As a member of the Governance Framework Formation Team, I encourage community financial institution leaders to attend the nearest town hall. Let the Federal Reserve Board know your views.

A complete schedule and registration can be found on the Federal Reserve System’s Faster Payments Task Force website. Space may be limited, register today.


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Tags

  1. faster
  2. federal
  3. payments

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