Payments Dive

APRIL 4, 2024

The central bank will join six other central banks in exploring blockchain technology to speed up international payments.

Cross-Border 78

Cross-Border Fed Central Bank International Payments 78

Payments Dive

MARCH 16, 2023

The central bank is targeting July, as opposed to the earlier end of its prior range, for starting its new real-time payments service.'

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Fed Real Time Payments Central Bank Payments 159

Payments Dive

MAY 22, 2023

The two central banks tested digital ledger technology for payments across multiple currencies in less than 30 seconds.

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CBDC Fed Central Bank Technology 159

Payments Dive

MAY 20, 2024

Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

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Federal Reserve Fed Central Bank Payments 78

Payments Dive

AUGUST 29, 2022

The nation’s biggest bank and bank trade groups stressed the risks of creating a central bank digital currency in comments to the Fed, and largely rejected the idea that a digital dollar would accomplish stated goals.

CBDC 213

CBDC Fed Digital Currency Central Bank 213

Payments Dive

APRIL 1, 2022

Ted Cruz's legislation, which follows a companion House bill introduced earlier this year, would prevent the Federal Reserve from issuing a central bank digital currency directly to consumers.

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Federal Reserve CBDC Fed Digital Currency 180

PYMNTS

JANUARY 6, 2021

Central banks around the globe are in the process of actively developing, or at least mulling, the issuance of digital fiat, directly into digital wallets (the U.S. In Mexico, the pandemic is moving the needle toward digital payments — specifically mobile payments — to become more widely embraced by businesses and consumers alike.

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Central Bank Financial Inclusion Wire Transfer Payments 145

PYMNTS

NOVEMBER 12, 2019

12) that central banks have no reason to issue digital currency. Philadelphia Federal Reserve President Patrick Harker said in early October it is “ inevitable ” that central banks including the Fed will issue digital currency. Former U.S. Federal Reserve Chairman Alan Greenspan said Tuesday (Nov. What comes next?

Digital Currency 40

Digital Currency Central Bank Fed Federal Reserve 40

PYMNTS

OCTOBER 12, 2020

The recently released report by the Bank for International Settlements ( BIS ) offers a general framework for digital currencies. The BIS noted of central bank digital currency ( CBDC ) that “a CBDC could provide a complementary central bank money to the public, supporting a more resilient and diverse domestic payment system.

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Central Bank CBDC FedNow Digital Currency 93

Payments Dive

DECEMBER 22, 2022

The outgoing senator said he wanted to shield stablecoin activity from the Fed, which is still debating whether to issue a central bank digital currency. Toomey noted the Fed’s “significant skepticism” of stablecoins.

Stablecoins 114

Stablecoins Fed Digital Currency Central Bank 114

Payments Source

NOVEMBER 24, 2019

The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S. than in other countries.

Digital Currency 106

Digital Currency Fed FedNow Central Bank 106

Payments Dive

AUGUST 9, 2023

The central bank clarified that any state bank it supervises must get the regulator’s green light before issuing, holding or transacting in dollar tokens, such as stablecoins, to facilitate payments.

Fed 78

Fed Stablecoins Central Bank Facilitators 78

PYMNTS

OCTOBER 9, 2020

In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. Fed, the Swiss National Bank and others.

Digital Currency 70

Digital Currency Central Bank CBDC Federal Reserve 70

PYMNTS

MARCH 23, 2020

The Fed would be in control of the digital wallets. In addition, member banks of the Fed can have a “pass-through digital dollar wallet” per the draft bills, as cited by the outlet. Recipients of payments would get a “pro-rata share of a pooled reserve balance” that the member keeps. economy overall in this challenging time.

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Fed eWallet Federal Reserve Digital Currency 109

Payments Source

NOVEMBER 14, 2019

The central bank originally predicted FedNow's launch within five years, but the Fed chairman told House lawmakers that he expects it will happen sooner.

Fed 69

Fed Faster Payments FedNow Payment Networks 69

Payments Source

OCTOBER 19, 2020

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

Digital Currency 167

Digital Currency Federal Reserve Fed Central Bank 167

The Paypers

SEPTEMBER 8, 2022

The European Central Bank (ECB) and the US Federal Reserve have joined hands to increase the interest rate, in an attempt to stamp out record inflation.

Central Bank 36

Central Bank Federal Reserve Fed 36

PYMNTS

AUGUST 7, 2020

6) symposium highlighting the Fed’s approval of the FedNow system, Fed Gov. The Fed is defining instant payments as a subset of payments in which an end user receives funds in near real time, with immediate interbank settlement of the payment also having occurred. If all goes as planned, that is. In a Thursday (Aug.

Instant Payments 75

Instant Payments Fed FedNow Interbank Settlement 75

PYMNTS

MARCH 23, 2020

economy overall in this challenging time,” the central bank said in an announcement. Below are the moves the Fed has made: Boosting Quantitative Easing. But on Monday (March 23), the central bank upped that plan to include “[whatever] amounts needed” – unlimited quantitative easing. Assistance for Cities and Towns.

Fed 52

Fed Federal Reserve Consumer Central Bank 52

PYMNTS

DECEMBER 10, 2019

Policymakers at the European Central Bank (ECB) will meet in Frankfurt on Wednesday (Dec. Lagarde has vocalized that she favors central banks releasing electronic money. Bank of England Governor Mark Carney has even implied that an international central bank coin could supersede the U.S.

Central Bank 54

Central Bank Digital Currency Federal Reserve Stablecoins 54

Tom Groenfeldt

JANUARY 30, 2019

Fed payment experts think the central bank should build and operate a real-time payments network to provide competition to the TCH network operated by the largest banks.

Real Time Payments 64

Real Time Payments Fed TCH Central Bank 64

PYMNTS

SEPTEMBER 17, 2020

The race to develop central bank digital currencies (CBDCs) is underway, but it seems the Reserve Bank of Australia may not be in the running. 17), Australia’s central bank has viewed the issuance of such digital coinage with caution, and even a bit of skepticism. As reported by Cointelegraph Thursday (Sept.

Central Bank 72

Central Bank CBDC Digital Currency Federal Reserve 72

The Paypers

MARCH 3, 2022

The Federal Reserve Board has taken a look at how financial firms get coveted access to the US central bank’s payment system.

Central Bank 36

Central Bank Federal Reserve Fed Payments 36

PYMNTS

DECEMBER 16, 2020

Citing the central bank's Summary of Economic Projections released Wednesday (Dec. 16), the bank upped its positivity. In September, the bank expected there to be a 3.7 In addition, the Fed raised the projection for the 2021 real GDP forecast to 4.2 The Fed said the unemployment rate will likely hit around 6.7

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Fed Federal Reserve Economy Central Bank 97

PYMNTS

AUGUST 17, 2016

It looks like after all the Sturm und Drang, Bangladesh’s central bank will not take action against the Federal Reserve Bank of New York and SWIFT network over the $81 million theft it suffered earlier this year. “We look forward to cooperation both from the Fed and SWIFT.”

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Fed SWIFT Central Bank Correspondent Bank 40

PYMNTS

AUGUST 9, 2020

The Clearing House, a payments company that is owned by the nation’s largest banks, has been operating its own real-time system for three years. Many credit unions and smaller banks said their interests will be ignored and have declined to sign with up for the giant bank-owned system. payment system.

FedNow 72

FedNow Fed Federal Reserve Instant Payments 72

PYMNTS

DECEMBER 19, 2019

Banks were told about a “disruption” in the automated clearing house (ACH) network that brought about delays in settlements, CNN reported. The Fed noted at 10:31 a.m. According to the report, it is not known how many banks experienced or what caused the glitches. The central bank also noted that payment files for Dec.

Direct Deposit 52

Direct Deposit Fed Federal Reserve ACH 52

Payments Dive

MAY 25, 2022

digital dollar would take $720 billion in deposits out of banks even if the central bank were to cap accounts at $5,000 per "end user," the American Bankers Association wrote in a letter.

CBDC 78

CBDC Fed Caps Central Bank 78

PYMNTS

MARCH 15, 2020

“The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” the Fed said in a statement. The Fed cut rates by half a percentage point on March 3, the first emergency rate cut since the financial crisis. The new rate will now be targeted at 0.0 percent to 0.25

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Fed Federal Reserve Economy Central Bank 57

PYMNTS

SEPTEMBER 1, 2020

1) that the central bank has to launch initiatives "in coming months" to assist the economy in surmounting the pandemic’s effects, while meeting the pledge of more formidable employment expansion and greater inflation, Reuters reported. A Federal Reserve governor said Tuesday (Sept.

Fed 56

Fed Federal Reserve Central Bank Credit Cards 56

Payments Dive

MARCH 24, 2022

A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said Wednesday during a panel discussion hosted by the Bank for International Settlements.

CBDC 78

CBDC Fed Central Bank Settlement 78

Payments Source

FEBRUARY 24, 2021

central bank. The Federal Reserve’s system for interbank payments went down Wednesday afternoon, according to a website for payment services operated by the U.S.

Fed 88

Fed Central Bank Payments Federal Reserve 88

PYMNTS

FEBRUARY 24, 2020

Cleveland Fed President Loretta Mester said she was comfortable thus far with the central bank’s current interest rate and was closely watching the way the coronavirus was affecting global revenues and growth. Stocks were down Monday, with the yield on the benchmark 10-year U.S. But in the U.S.,

Fed 56

Fed Economy Federal Reserve Central Bank 56

Payments Source

AUGUST 14, 2019

Were the Fed to develop its own payments platform, it would be expensive, duplicative, inefficient, and curtail development of real-time services, argues the National Taxpayers Union's Thomas Aiello.

Fed 117

Fed Faster Payments Duplicate Payments 117

PYMNTS

DECEMBER 30, 2020

Instead, he expects central bank digital currencies ( CBDCs ) — government-issued digital versions of traditional dollars, yuan, etc. — In my mind, most money [in the near future] will basically be cryptocurrency, because you’ve got these CBDCs — the central bank digital currencies,” he said. The Fed Factor .

Fed 107

Fed Bitcoin Digital Currency Cryptocurrency 107

Payments Dive

SEPTEMBER 6, 2022

The Fed has an uphill effort ahead in pursuing a central bank digital currency, as evidenced by extensive skepticism from two disparate groups.

CBDC 78

CBDC Fed Digital Currency Central Bank 78

PYMNTS

MAY 15, 2020

Just when the economy can’t take any more bad news, the Federal Reserve Bank of Atlanta is predicting the national gross domestic product (GDP) is expected to drop by nearly 43 percent in the second quarter, CNBC reported. GDPNow is not an official forecast of the Atlanta Fed. percent in Q2, down from the May 8 estimate of 33.9

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Fed Federal Reserve Economy Central Bank 60