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Fed Suggests Realtime Payments Settlement Scenarios

Given the acceleration of commerce and technology, the future almost certainly will mean increasingly growing volumes of faster payments.

Fed governor Lael Brainard, who chairs the board’s Payments, Clearing, and Settlements committee, made the announcement in a speech to the Fed’s Payments Improvement Community Forum in Chicago.The nationwide interbank settlement system would promote “broad access and resilience” and ensure that banks of all sized have access to realtime payments over the long term, she said.

Initial Fed study of the development of faster payments in the United States show “gaps that pose challenges in safety and accessibility,” she said.

Given the acceleration of commerce and technology, the future almost certainly will mean increasingly growing volumes of faster payments, even if initial adoption is slow. Trends in countries that have adopted faster-payment schemes show generally consumer increasing uptake, and there is no reason to think that U.S. consumers would react any differently.

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