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central bank to consider modeling FedNow after the Unified Payments Interface (UPI) framework used in India, The Economic Times (ET) reported on Sunday (Dec. FedNow is the new interbank real-timegrosssettlement (RTGS) service that will offer integrated clearing functionality for faster digital payments.
Last year, only 25 real-time payment systems were operational worldwide — that number is growing rapidly. Demand is also heating up for real-timegrosssettlement (RTGS) systems. The governor of the Federal Reserve is pushing conversations on getting an RTGS system in the U.S.,
Thailand, under the guidance of the Bank of Thailand (BOT) , has been at the forefront of this movement, continuously studying and testing the feasibility of a Retail CBDC since 2018. The project evolved, incorporating enhanced functionalities, cross-border fund transfers, and a Corporate CBDC Pilot Program.
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