Fed provides update on future RTGS system

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The Federal Reserve is beginning to ramp up its efforts in creating the recently announced real-time gross settlement (RTGS) service FedNow, leader of the initiative Kenneth Montgomery said.

Montgomery said the Fed is starting to define the business requirements to develop the service and is currently building the core team of “in-house experts”, in a Q&A published on the Federal Reserve System’s new website, FedPayments Improvements.

FedNow, announced on August 5, will be the Fed’s first new

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