The Federal Reserve should introduce its real-time payments service as quickly as possible with “essential features,” ICBA said in a comment letter .  

The FedNow service, originally slated to launch in 2023 at the earliest, should be brought to market as “minimally-viable” ICBA said in order to give community banks an alternative to big-bank-backed The Clearing House’s RTP® network. 

ICBA praised the Fed for the transparency of its proposed pricing model and urged it to keep pricing “reasonable, scalable and competitive with private sector alternatives.”