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Fed Sees Possible Path To ‘Direct Issuance’ Of Digital Dollars

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Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America. The Fed, of course, is hardly alone in mulling digital fiat currencies.

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The Fed Debuts FedNow

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The Fed plans to build its own instant clearing and settlement rails. We only get to make this kind of decision once every 30 or 40 years,” Brainard said, noting that this was the biggest payments oriented move made by The Fed since the early 1970s and the implementation of the ACH system. “At It’s now official. Brainard asked.

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Faster Payments: Does The Fed Have A Hidden Agenda?

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Connecting these two dots suggests a few important things that, for banks and card networks, might be the 2020 hindsight that could have come in handy had they stopped to look backwards a few years ago: That the Fed has much more than a passing interest in how faster payments are run in the U.S. This delay was initiated by the Fed.

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Fed Disruption Delays Direct Deposits

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The Fed noted at 10:31 a.m. However, the Fed said in a statement per the report that tech staff still are still looking into the problem’s fundamental cause. In an alert , the Fed said, “We apologize for the inconvenience and disruption this has caused to your operations.”. The biggest U.S.

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Fed Looks To Keep Momentum Going On Payments Improvements

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Payment System paper, in which the Fed outlined initiatives for the payments industry and its stakeholders to promote progress. For the Fed, progress means improving the speed, security and efficiency of the payments system, and to focus on international payments capabilities and promote collaboration within the field. Efficiency.

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The Big Tech Canary In The Faster Payments Coal Mine

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That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-time payments system in the U.S. And maybe move the Fed in their preferred direction. That suggests that putting the Fed front-and-center in the U.S.

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Today In Data: The Future Of Faster Payments

PYMNTS

Financial Innovation Now (FIN) submitted a public letter in December, contending that the Fed was best-positioned to operate a ubiquitous, interoperable real-time payments network. Innovation, flexibility and agility helped drive WEX ’s acquisition of Discovery Benefits, Inc.