A consortium of U.S. tech giants including Apple, Amazon and Google has called on the Federal Reserve to ramp up efforts to establish a real-time payments system. The group, Financial Innovation Now (FIN), sent a letter to the Fed’s Board of Governors to comment on a proposal to extend the daily operating hours for the current same-day settlement system.
“FIN supports the proposed extension of daily operating hours for Same Day ACH and believes it will bring substantial benefits to consumers and small businesses that use the ACH Network,” the group wrote in its comment letter. “FIN members are technology companies that offer a wide variety of consumer peer-to-peer payment applications and card payment processing, as well as small business products and services, including payments, inventory management, accounting and tax software, analytics, and online/offline commerce logistics.”
Fintech companies and others that have been involved with the Fed’s Faster Payment Task Force have been advocating for real-time payments so digital payments can fulfill their enormous potential.