Central Banking

Fed challenges payments industry to get quicker and safer

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Federal Reserve building in Washington, DC

The Federal Reserve set out plans for reforming the speed and security of payments in the US yesterday, acknowledging the system is at a "critical juncture" in its evolution.

It released a set of strategies for improving the system – a result of the series of studies and consultations it has conducted since 2012 to identify the "key gaps" in the current setup.

The document is a call to arms. The Fed wants the private sector to lead the reforms and stressed it would only step in and start providi

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