article thumbnail

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

PYMNTS

In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market. We can also see opportunities for small and medium businesses.

article thumbnail

Fed Says America Needs Instant Payments As Soon As Possible

PYMNTS

Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. Lael Brainard said the coronavirus crisis has heightened the need for instant payments.

Fed 75
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

2024 Payment Methods Report: Overview, Insights, and Statistics

Clearly Payments

Growth : In regions such as Southeast Asia and Latin America, bank transfer payments have grown by 20% annually due to increasing banking access. Faster Payments (U.K.), Wholesale CBDCs focus on interbank settlements, enhancing security and efficiency in large transactions between financial institutions.

article thumbnail

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

PYMNTS

Against this backdrop, the Federal Reserve proposed creating its own real-time payments service in October 2018. 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 Federal Approach.

article thumbnail

Today In Payments: Trump Bans WeChat; Uber Counters Ridesharing Slump With Delivery Double-Up

PYMNTS

6) announced details of a 24/7 year-round interbank settlement service to accelerate the time it takes to process instant payments, with a clearing function to support instant payments in the U.S. Fed Says FedNow On Track For 2023-24 Rollout. The Federal Reserve Board on Thursday (Aug.