Launching FedNew sooner than intended could allow competitors to adjust their own offerings and operations:
about what the network's pricing structure and transaction speed will be, but new regulation may change that.
The two key pieces of potential legislation would push FedNow to launch sooner and require the Fed to reveal more of its plan before moving forward with the network. The Payments Modernization Act of 2019, which is a discussion draft, could mandate that FedNow be active within three years. This comes after a hearing held by the US House Committee Financial Services' Task Force on Financial Technology that focused on the future of RTP. The push to speed up FedNow's timeline may be driven by how fast-moving the payments industry can be and interest in a public RTP solution in the near future.
The competitive landscape of the RTP industry in the US may be directly impacted by these requirements as they could make FedNow a threat sooner or reveal its pricing structure well in advance of its launch. If competitors like TCH know how the Fed will cover its costs years before it launches, they can spend time adjusting their own offerings and operations so they're competitive with FedNow.
, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >>
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A Photographer's Moving Photo Shoot Centers on Tube-Fed Babies — and Yep — Fed Is Best, PeriodAnna Poteet, a photographer from Chattanooga, TN, recently took a unique approach to the 'fed is best' conversation by staging a shoot that centered
Read more »
Rachael Ray Has A New Cookbook, A New Show, And Soon, You Can Order Her FoodRachael Ray has a bunch of new projects coming out this year. Most of them are exciting, but one is somewhat problematic.
Read more »
New York Sex-Abuse Law Brings Forth Hundreds of New CasesAn analysis by The Wall Street Journal finds more than 700 lawsuits were filed since Aug. 14, when the state of New York opened a one-year window during which victims of childhood sexual abuse could sue their alleged abusers no matter how long ago the abuse occurred.
Read more »
The Fed and the ECB must avoid becoming fixers of last resortThe Fed and the ECB should clearly communicate to the general public that monetary policy is only one of the instruments of economic management, writes Dr Michael Ivanovitch.
Read more »
Fed Rate Cuts Put Pressure on Electronic BrokersA key element of the business model for electronic brokers was rising interest rates, but a flip in Federal Reserve policy has changed the dynamics.
Read more »
Janet Yellen: Lack Of Diversity Among Fed Economists Deserves Top PriorityFormer Federal Reserve Chair Janet Yellen says the lack of women and minority economists at the Fed and the federal government in general deserves top priority.
Read more »