Tensions emerge in Fed’s push for instant payments

US Federal Reserve building

The Federal Reserve is pressing ahead with plans for an instant payment system that could bring the US in line with technology in other jurisdictions. But the plans are already creating tensions.

Some stakeholders argue a body independent of the Fed should oversee the development of the proposed instant payment service, FedNow. Despite largely backing the initiative, industry observers are worried the central bank may not be best placed to address interoperability, competition and wholesale

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