FedNow: the advantage of going last
The Fed is late in developing instant payments, but US can learn from others
It is no secret the US has lagged behind other advanced countries in instant payments. But, as the Federal Reserve embarks on building its first new payment system since launching the Automated Clearing House (ACH) system 46 years ago, this is not necessarily a disadvantage. In August last year, after six years of consultation, the US central bank announced its plans to launch an around-the-clock, instant settlement platform for retail payments by 2023–24. The platform, called FedNow, is a major
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 Financial market infrastructure
ECB says iPhone is currently incompatible with digital euro
Apple users may have worse digital euro payments experience – Cipollone
RBNZ seeks views on design of ‘digital cash’
New Zealand central bank continues proof-of-concept work on “private and secure” CBDC
Bank of Italy study looks at regulating finance firms’ tech risks
European authorities’ efforts have increased sector’s operational resilience, researchers find
Green bonds have negative premium, Italian study finds
Negative “greenium” widened during Covid-19 pandemic, researchers say
Elections influence bank lending in eurozone, study finds
Bank of Finland research suggests pre-poll uncertainty raises cost of loans
HKMA unveils new wholesale CBDC project
De facto central bank to launch sandbox for testing settlement of tokenised deposits
Thailand forges ahead with virtual banking
BoT to accept applications to open virtual banks from March 20
Irish central bank says payments strategy needs drastic change
Deputy governor says sector is slow to change and backs draft “access to cash” law
Most read
- ECB says iPhone is currently incompatible with digital euro
- Supervisors grapple with the smaller bank dilemma
- Central bank of the year: Central Bank of Brazil