The U.S. Federal Reserve announced on Monday it planned to develop its own round...
WASHINGTON - The U.S. Federal Reserve announced on Monday it planned to develop its own round-the-clock real-time payments and settlement service, with an expected launch in 2023 or 2024.
In a statement, the U.S. central bank said it was seeking public comment on the project, saying near-instantaneous transfer of funds 24 hours a day could yield economic benefits for individuals and businesses. Randal Quarles, the Fed’s vice chair for supervision, voted against the decision. “The U.S. real-time retail payment infrastructure stands to gain from competition, including through higher service quality and lower prices over the long run,” Brainard said in Kansas City.
Kansas City Fed President Esther George said the central bank would like to see the two systems be interoperable, but it remained to be seen how quickly the two could directly exchange payments.
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