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ABA: The American Bankers Association

ABA Statement on Launch of FedNow

“We welcome the Federal Reserve's launch of FedNow and its official entry into the world of real-time payments. With The Clearing House's RTP system already in operation, the arrival of FedNow means there are now two real-time payments options available to choose from. We will continue to educate our members on the two systems and the benefits they offer consumers and businesses. Fully realizing the benefit of these new rails will require the Fed to work hard to encourage interoperability between the systems, urge banks’ core providers to quickly allow banks to offer these real-time options in a timely and cost-effective way, and ensure that America’s consumers and businesses have a strong understanding of the value and considerations for real-time payments use.” 


About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.

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