As the Federal Reserve continues work on its proposed FedNow real-time payments settlement system, banking industry and government officials alike are reiterating that the service must be interoperable with other settlement systems in order to succeed.
In recent letters to the Fed, the American Bankers Association (ABA) and Federal Trade Commission (FTC), a top antitrust regulator, stressed the importance of interoperability, including with the Real Time Payments (RTP) network, an existing scheme run by a consortium of the largest U.S. banks.
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