House Financial Services Committee to hold Sept. 26 hearing on real-time payments

Ballard Spahr LLP

Ballard Spahr LLP

The House Financial Services Committee’s Task Force on Financial Technology will hold a hearing entitled “The Future of Real-Time Payments,” at 2:00 p.m. on Thursday, September 26, 2019.  There will be a live webcast of the hearing.

The memo from the FSC Majority Staff indicates the hearing will focus on the development of a real-time payments (“RTP”) system and the risks, regulation, and market features of any future payments system.

The following witnesses are scheduled to testify:

  • Esther L. George, President and Chief Executive Officer, Federal Reserve Bank of Kansas City
  • Harsh Sinha, Vice President of Engineering, TransferWise
  • Bob Steen, Chairman and Chief Executive Officer, Bridge Community Bank, on behalf of the Independent Community Bankers of America
  • Rodney Williams, Cofounder and Chief Commercial Officer, LISNR
  • Carol Benson, Founding Partner, Glenbrook

In August 2019, the Federal Reserve Board announced its plans to develop a RTP service to be offered by the Federal Reserve Banks to directly support faster payments.  Three members of Ballard Spahr’s Consumer Financial Services Group with extensive experience negotiating complex payments transactions for some of the world’s largest retailers and financial institutions have authored an article in which they discuss the expanding adoption of RTP as a standard for payments transactions, including the commercial and contractual issues that may arise as a result.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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