Central Banking

Fed task forces begin review of faster payments proposals

The US has been slow to adopt new forms of payment

The Federal Reserve's faster payments task forces have begun the process of assessing which proposals for real-time payments in the US should be taken further.

A submission period earlier in 2016 attracted 19 pitches outlining "potential approaches" to a delivering a real-time retail payment system. Consultancy firm McKinsey, which the Fed appointed in March, has already assessed the proposals, before handing them on to the nearly 500 members of the two task forces.

One task force is focusing on

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