WASHINGTON, D.C. – Today, Financial Technology Association (FTA) President and Chief Executive Officer Penny Lee released the following statement on the launch of FedNow, the Federal Reserve’s new instant payments system:
“FedNow means more consumers and businesses can send and receive payments in seconds instead of days through their financial institutions. Instant payments will provide additional options for consumers to pay bills on time, access their paychecks more quickly, and avoid overdraft fees and predatory lenders. It will also help businesses better manage expenses, decrease errors, and reduce costs.
“We congratulate the Federal Reserve for launching this service and support the wide adoption of FedNow by financial institutions. Looking ahead, the inclusion of leading payments companies with an attending regulatory framework will help maximize the potential of FedNow for American consumers and businesses. We looking forward to building on today’s milestone towards a broadly accessible infrastructure that meets the needs of all end users.”
The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.