The Independent Community Bankers of America, and the North American Banking Company submitted their proposal to the Federal Reserve Faster Payments Task Force for an accessible, secure, and efficient faster payment system in the United States.

The proposal includes a white-label mobile app and a payments directory to enable secure transaction that clear and settle through the ACH network using same-day ACH.

“Not only can consumers get access any time on any device, but because the platform leverages existing infrastructure and technology, it is ready for prime time now and requires minimum bank resources to deploy,” said Michael Bilski, CEO of the $400 million-asset North American Banking Company.

The proposed All Payments App has the ability to send payments to over 150 million account holders on the first day, and allow users to send funds to unbanked consumers.

“Because the All Payments App uses banks as the distribution points and the ACH as the network, the system offers a much faster and more certain path to ubiquity,” ICBA Executive Vice President for Regulatory Policy Viveca Ware said. “Once the system is rolled out it can be modified to accommodate real-time payments, ensuring flexibility and relevancy to future payments innovation.”