Chair Lynch Holds FinTech Hearing On Real-Time Payments

Sep 27, 2019 Issues: Committee on Financial Services

Washington, D.C. – On Thursday, September 26th, Representative Stephen F. Lynch, Chair of the Task Force on Financial Technology, held a hearing on “The Future of Real-Time Payments”.   Consumers’ expectations for how the payments system operates have changed and our financial system is racing to catch up without sacrificing consumer protection.  The hearing examined how the nearly instantaneous clearing and settlement of payments stands to benefit consumers and small businesses, as well as the challenges it presents to both operation and security.

You can watch the hearing here.

Witnesses:

Ms. Esther L. George, President and Chief Executive Officer – Federal Reserve Bank of Kansas City

Mr. Harsh Sinha, Chief Technology Officer (“CTO”) – TransferWise

Mr. Bob Steen, Chairman and Chief Executive Officer – Bridge Community Bank, on behalf of the Independent Community Bankers of America (“ICBA”)

Mr. Rodney Williams, Cofounder and Chief Commercial Officer – LISNR

Ms. Carol Benson, Founding Partner – Glenbrook