Central Banking

Fed picks McKinsey to scrutinise faster payment proposals

The Fed

Consultancy firm McKinsey and Company is to assess proposals for a real-time payment system in the US, the Federal Reserve revealed on March 29.

The Fed's drive to overhaul the quality of retail payments across the country enters a new phase in April, when members of its Faster Payments Task Force will submit "comprehensive faster payment solution proposals".

The task force was set up in 2015 to outline the specifications that a new system should meet. Ultimately, 331 members from across the

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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