Central Banking

Innovation in payments systems: Fed’s Lacker


Jeffrey Lacker, the president of the Federal Reserve Bank of Richmond, on Wednesday spoke about financial innovations and payments systems.

Speaking at the Immediate Funds Transfer Symposium, held by the Federal Reserve Bank of Chicago, Lacker said that the Fed's "interest in the payments system has long been organised around its threefold goal of efficiency, integrity and accessibility".

Now, he said that "dramatic" innovations in information processing and communication technology "have made

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