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As reported in August, the Fed had announced some additional details of the 24/7 year-round interbanksettlement 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). Digital Dollars, Too? .
The system would facilitate 24/7 year-round interbanksettlements of faster payments and also provide a liquiditymanagement tool to support transfers between Federal Reserve accounts. Against this backdrop, the Federal Reserve proposed creating its own real-time payments service in October 2018.
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