By pledging to develop a real-time gross settlement service called FedNow Service to enable community banks and credit unions to offer the same types of expedited payment processes as large banks, the Federal Reserve alleviated concerns for certain trade advocates worried about the prospect of a large-bank monopoly on such services.
Numerous financial trade advocates have urged the Fed to use its authority to create such a tool to level the playing field in the real-time payments market.
Find out more about the planned new payments system.