BPI submitted a letter to the Federal Reserve responding to its request for comment on a proposal to establish its own real-time gross-payment (“RTGS”) settlement system, cautioning that the proposal is “both unnecessary and unwise.” The letter urges the Fed to refrain from directly entering the marketplace with its own faster system unless the private sector has proven unable to do so, and emphasizes the range of policy issues—including innovation and privacy concerns–arising from a real-time payments system placed directly in government hands.
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