After years of ICBA-led advocacy on behalf of a real-time payments system that ensures access and choice for community banks, the Federal Reserve has announced that it will build a real-time gross settlement service.

A Fed-operated real-time settlement system is needed to ensure universal access and to promote future payments innovations.

ICBA's Cary Whaley explains why the Federal Reserve must play a leadership role in faster payments to ensure safety, integrity, continuity and equitable access for all financial institutions.