Central Banking

Fed’s Powell: banks still have important role in payments

jerome-powell
Jerome Powell
Bipartisan Policy Center

Financial technology firms may be bringing rapid innovation to the payments landscape, but banks still form an integral part of the infrastructure and must be involved in future plans, US Federal Reserve Board governor Jerome Powell said on October 18.

“Payments innovation is still fundamentally about how, when, and where an individual’s deposits can be held, transferred and packaged with other information,” Powell told a seminar in New York. “And banks are still important players in making

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