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FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

PYMNTS

As reported in August, the Fed had announced some additional details of the 24/7 year-round interbank settlement service through a program that began to take shape in 2019, geared toward speeding processing times tied to instant payments (and featuring a clearing function). The Timeframe . Digital Dollars, Too? .

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Deep Dive: Weighing The Federal Reserve’s Faster Payments Proposal

PYMNTS

The system would facilitate 24/7 year-round interbank settlements of faster payments and also provide a liquidity management tool to support transfers between Federal Reserve accounts. The Fed sought feedback on the system, which brought in more than 380 responses.

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Tales from the Crypto: Funding Startups, Fighting Fraud, and Why the U.S. is a CBDC Laggard

Finovate

interbank settlement system compared to similar systems in Europe that were deployed sooner. ” PayPal invests $5 million stablecoin in Mesh The Fed may not have much faith in crypto. ” PayPal invests $5 million stablecoin in Mesh The Fed may not have much faith in crypto. dollar needs to “innovate.”

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