Food Marketing Institute (FMI) would like to thank the Board of Governors of the Federal Reserve System (FRB) for the opportunity to share our thoughts and comments on the proposed real-time gross settlement system service (FedNow) that was announced earlier this year. FMI was pleased to submit comments in strong support of the proposal late last year, and we were excited to learn that the Board has decided to move forward with a real-time gross settlement system. The Board’s proposed “FedNow” system will be a welcome addition to the services already provided by the Board and will help drive both competition and innovation in the U.S. payments market.

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