Federal Reserve plans to endorse a faster payment system

Federal Reserve plans to endorse a faster payment system — Reuters — “The Federal Reserve on Monday said payments and money transfers should eventually be available in real time… Officials expect to outline next steps in the weeks ahead, Fed governor Jerome Powell said.”

  • Willam Hugh Murray, CISSP

    The Federal Reserve System has had a “Task Force” on faster payments for a while now. However, historically’ the Fed has increased the speed of clearings and settlements by providing services. In this case, we have yet to see any. That said, one can now make payments intra-day and there is no inherent reason why they could not be real-time. Indeed we can make person to person payments via PayPal and Venmo in what looks like real-time.