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Report: Tech Firms Back Federal Reserve's Real-Time Payment Network Plan

Report: Tech Firms Back Federal Reserve's Real-Time Payment Network Plan - top government contractors - best government contracting event

Report: Tech Firms Back Federal Reserve's Real-Time Payment Network Plan - top government contractors - best government contracting eventSeveral technology companies have expressed support to the Federal Reserve's plan to come up with a real-time payment network designed to connect all U.S. banks, credit unions and other financial institutions, Forbes reported Wednesday.

“Only the Federal Reserve can serve as the catalyst to achieve real-time payments ubiquity in a timely manner,“ a trade association representing Apple, Amazon, Google, PayPal, Intuit, Stripe and Square wrote in a letter, which was reported by the American Banker.

Retail firms such as Target, Amazon and Walmart have also expressed support to a Federal Reserve-run network.

A Markets and Markets Research report says the real-time payments market is expected to increase from $6.8B in 2018 to $25.9B by 2023 driven by the rising adoption of smartphones and cloud-based services and government programs.

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Written by Jane Edwards

is a staff writer at Executive Mosaic, where she writes for ExecutiveBiz about IT modernization, cybersecurity, space procurement and industry leaders’ perspectives on government technology trends.

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