KeyBank will hold off on FedNow until DDA reach reaches 5%

NEW YORK — KeyBank is hesitant to join FedNow, the Federal Reserve’s real-time payments network, until it sees growth in payments rails. The $184 billion bank wants FedNow to reach 5% of its current deposit accounts (DDAs) before it will join the payments network. DDAs can withdraw their deposited funds at any time, says John Briggs, head of KeyBank. (…)