Fed reveals instant payment plans
FedNow will feature interoperability on ISO 20022 message standard and new liquidity tool
The Federal Reserve has announced the core features of its new instant payment infrastructure, which is set to launch in 2023 and 2024.
The FedNow system is an around-the-clock instant settlement platform for retail payments. It is the Fed’s first attempt to build a new payment infrastructure in 46 years, when it launched the Automated Clearing House.
The Fed said it will start engaging with stakeholders later this year over an initial pilot for the system, which would likely begin some time
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Payments
Retail CBDC complexity may discourage adoption, says research
Kansas City Fed author argues Caribbean CBDCs have struggled to add value
RBA report looks at cross-border payments
Multilateral platform would be more scalable than bilateral links, Australian central bank says
Day-to-day payments too reliant on big tech – BdF deputy
Digital euro will not create a European ‘Big Brother’, Denis Beau says
Payment fraud is on the rise in Denmark and Sweden
Scammers and fraudsters are moving to digital realm
Moldovan instant payments system used over 100,000 times
Central bank says new system’s use will expand to businesses this year
RBI increases payments surveillance during elections
Indian central bank tells system operators to watch for suspicious transactions, report says
RBNZ seeks views on design of ‘digital cash’
New Zealand central bank continues proof-of-concept work on “private and secure” CBDC
BoE’s digital securities sandbox to lead to new regulatory regime
Five-year project to open for applications this summer