Sec. 3. Real time payment system
190 words·~1 min read·
/bill/116/hr/3951/ih/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Board of Governors of the Federal Reserve System shall create a real time payment system that— at a minimum, conforms with the principles outlined in the final report of the Faster Payments Task Force of the Federal Reserve System; allows end users have fast access to funds, in speeds approaching real time; operates as a utility, allowing end users to reach any other end user, including unbanked, underserved, and cross-border end users, regardless of the solution used by the end user; prioritizes safety and soundness, consumer health, efficiency, and other relevant public interest considerations; provides end users with the confidence and trust in the safety and security of the system by ensuring that— fraud and errors are minimized and resolved quickly; and the assets, accounts, and information of the end user are protected, even as payments cross different solutions; has transparent operating information; and ensures that there are no volume discounts made that disadvantage smaller financial institutions.
In this section, the term real time payment system means a payment-by-payment interbank settlement system that facilitates settlements in real time and at any time, on any day, including weekends and holidays.