The Federal Reserve announced that the Federal Reserve banks will create a new “round-the-clock real-time payment and settlement service” called the FedNow service to provide faster payments within the U.S. It is expected to launch by 2023 or 2024. It will begin by offering support for transfers of up to $25,000. The Federal Reserve holds the belief that faster payment...
The Federal Reserve has recently released a progress report highlighting accomplishments and anticipated steps regarding the ongoing initiatives to enhance the speed, efficiency, and security of the US payment system. According to Federal Reserve Board Governor Jerome H. Powell, central banks, financial institutions, and technology providers are focused on protecting payment systems and transactions as sophisticated cyber threats have increased...
According to the Federal Reserve, the industry across our land has been mostly left alone for the private sector. In their words, “The Federal Reserve recognized that the success of the payments industry has been largely driven by private industry and market forces, with little government direction necessary. However, new technologies and processes impacting payments today could use the guiding...
