The Federal Reserve has announced that it plans to build its own 24x7x365 real-time gross settlement (RTGS) system for retail payments, called the FedNow Service. In a 4-1 decision, with Vice Chairman for Supervision Quarles dissenting, the Federal Reserve stated that the FedNow Service would allow consumers and
Continue Reading Davis Polk Client Memorandum: Federal Reserve Announces Plan to Build Its Own Real-Time Gross Settlement System for Retail Payments
Payments
The Federal Reserve Takes a Small Step toward a National Faster Payments Infrastructure
Posted in Payments
It is no secret that the United States lags behind other countries in the development of a national real-time payments infrastructure.[1] There are, of course, explanations for this lag, including widespread participation in the existing infrastructure rails and the existence of many different stakeholder interests limiting consensus over reforms. …
Continue Reading The Federal Reserve Takes a Small Step toward a National Faster Payments Infrastructure