Dear Subscriber,

Yesterday, the US Federal Reserve announced plans to build a real-time payment and settlement service.

“Acting alone, a single private-sector RTGS service will face significant challenges in establishing an accessible infrastructure for faster payments with nationwide reach,” said Federal Reserve Governor Lael Brainard, announcing FedNow. “In contrast, because of our experience with providing other services, the Federal Reserve already has invested in connections and customer service relationships with nearly every bank, small and large, across the country.”

Read the full story here.

Michael McCaw

Editor

PaymentEye