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ARTICLE · 15 AUGUST 2019

Federal Reserve To Create Faster Payments System

Morrison Foerster
Morrison Foerster
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On August 5, the Board of Governors of the Federal Reserve System (Board) issued a notice and request for comment (Notice) on its determination that the Federal Reserve Banks (Reserve Banks)

United StatesFinance and Banking
Obrea Poindexter
Obrea Poindexter
Oliver Ireland
Oliver Ireland
Jeremy Mandell
Jeremy Mandell
Calvin Dennis Funk
Calvin Dennis Funk
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On August 5, the Board of Governors of the Federal Reserve System (Board) issued a notice and request for comment (Notice) on its determination that the Federal Reserve Banks (Reserve Banks) should develop a new interbank faster payments system. The Reserve Banks’ new system—the “FedNow” service—would have a targeted launch date in 2023 or 2024.

Background

The Notice is the latest step along the path that the Board kicked off in 2013 with its Strategies for Improving the U.S. Payment System initiative, which included the creation of the Faster Payments Task Force (FPTF). The FPTF was convened to identify and evaluate alternative approaches to faster payment capabilities in the United States, and ultimately the FPTF recommended that the Reserve Banks develop a 24x7x365 settlement service to support faster payments. 

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