The Clearing House (TCH) launch a real-time payments platform in November 2017. Since then, the largest financial banks, also owners of TCH, have been incorporating TCH services into their product offerings primarily (but not exclusively) for transactions between corporate clients and corporate to consumer disbursements.  Smaller banks and credit unions with smaller tech staff and greater dependency on their core provider for new products and capabilities, cried foul and petitioned the Fed to consider becoming an operator themselves. Smaller financial institutions believe a Fed option will provide a more competitive marketplace. The Fed is contemplating their decision.
Read the full press release here.