Fight Heats Up Over Fed's Role In U.S. Real-Time Payments

This week saw what could turn out to be the opening salvos in a battle over whether the U.S. Federal Reserve should establish a real-time payments network to compete with privately operated systems.

On Wednesday, a quartet of U.S. Congressional Democrats introduced a bill that would require the Federal Reserve to develop a real-time payment system to serve as a publicly managed alternative to the existing Real Time Payments (RTP) network operated by the Clearing House (TCH), a consortium of major banks.

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