Central Banking

Task force calls on Fed to upgrade settlement system

Reforms could open up new forms of payment in the US

The US Faster Payments Task Force has called on the Federal Reserve to upgrade its settlement systems as part of a push to roll out better payments infrastructure.

The task force, an industry group co-ordinated by the Fed, has spent the past two years examining how to implement real-time retail payments in the US, which has long lagged behind others in the field of payments.

The group released its second and final report on July 24, calling on the Fed to implement a settlement system that

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