Immediate access to funds for consumers is increasingly important and real-time payments will help credit unions improve access to funds, CUNA wrote to the House Financial Services Committee Task Force on Financial Technology Thursday. The task force conducted a hearing on real-time payments and CUNA submitted its letter for the record.
“Real-time payments will help credit unions provide necessary financial services to their members and improve members access to their funds. Credit unions exist to help their members, but cannot do it alone. Credit unions rely on networks of key vendors to provide service to members and no current vendor is more critical than the Federal Reserve.
The letter adds that the CUNA and its members strongly support the Federal Reserve’s decision to develop and operate a real-time payments network, and also support efforts of The Clearing House (TCH) to develop its own real-time payments network.
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