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

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.

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Digital Currency Federal Reserve Fed Central Bank 167

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 158

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 158

Fintech News

DECEMBER 10, 2023

The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments.

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Cross-Border Payments Cross-Border SWIFT Fed 123

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 Dive

APRIL 17, 2024

central bank digital currency, research staff at the central bank continue to study the possibility. Despite political opposition to a potential U.S.

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Research CBDC Fed Central Bank 97

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.

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Fed Faster Payments Duplicate Payments 117

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.

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Digital Currency Fed FedNow Central Bank 81

Payments Source

AUGUST 6, 2020

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.

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FedNow Fed Central Bank Payments 118

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.

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Stablecoins Fed Digital Currency Central Bank 113

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

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 .

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Fed Bitcoin Cryptocurrency Digital Currency 107

Payments Source

FEBRUARY 12, 2020

To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.

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Faster Payments FedNow Fed Central Bank 112

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.

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Digital Currency Central Bank CBDC Federal Reserve 70

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.

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Instant Payments Fed FedNow Interbank Settlement 75

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.

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Fed Faster Payments FedNow Payment Networks 69

Payments Source

AUGUST 5, 2019

As part of its justification for developing its own government-backed system, the central bank said that leaving only a single fast network run by big banks constitutes a potential risk to the economy.

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Real Time Payments Fed Central Bank Economy 105

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.

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Real Time Payments Fed TCH Central Bank 64

Payments Dive

APRIL 4, 2024

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

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Cross-Border Fed Central Bank International Payments 78

PYMNTS

SEPTEMBER 14, 2016

Live by the central banks, die by the central banks. If the Fed does indeed hike, it would be the second boost seen in the past year, albeit one that has been in the offing for months. The conventional wisdom holds that the Fed will, in fact, not raise rates next week. Possibly, sooner rather than later.

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Central Bank Fed Federal Reserve Economy 61

Payments Source

MARCH 10, 2016

The Central Bank of Bangladesh is threatening to sue the New York Fed over money wired out of its account. The Fed says it did nothing wrong, the transfer was authenticated and executed by Swift.

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Fed SWIFT Wire Wires 62

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.

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Fed Central Bank Payments Federal Reserve 88

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.

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Central Bank CBDC Digital Currency Federal Reserve 72

PYMNTS

AUGUST 21, 2020

Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Central bank digital currencies (or CBDCs) have been gathering steam, at least as a concept. No Race To Rollout .

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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.

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FedNow Fed Federal Reserve Instant Payments 72

PYMNTS

MARCH 18, 2019

Connecting these two dots suggests a few important things that, for banks and card networks, might be the 2020 hindsight that could have come in handy had they stopped to look backwards a few years ago: That the Fed has much more than a passing interest in how faster payments are run in the U.S. This delay was initiated by the Fed.

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Faster Payments Fed RTP Same Day ACH 80

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 Source

MAY 11, 2016

Officials from the Federal Reserve Bank of New York, Bangladesh Bank and the payments network Swift vowed Tuesday to catch the thieves who took $81 million out of the Bangladesh central bank's account at the New York Fed.

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Fed SWIFT Federal Reserve Central Bank 60

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

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.

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Central Bank Digital Currency Federal Reserve Stablecoins 54

PYMNTS

JUNE 23, 2020

The Bank of Thailand is readying to commence work on new infrastructure aimed at streamlining financial transactions for the business sector, it recently announced. First to test the infrastructure will be Siam Cement Public Company, which will adopt the technology for its procurement and supplier payments operations.

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Federal Reserve RTP Payment APIs and Integration Fed 106

PYMNTS

JANUARY 15, 2019

central bank, is getting a bit worried about sharing some of the financial infrastructure with tech upstarts such as OnDeck Capital and Kabbage , a sense of caution that the newswire said puts the bank “at odds with other regulators looking to bring [those firms] into the fold.”. It would be helpful for the Fed to clarify.”

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Fed Cross-Border FinTech Office of the Comptroller of the Currency 59

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?

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Digital Currency Central Bank Fed Federal Reserve 40

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.

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Fed Federal Reserve Consumer Central Bank 52

Payments Source

JULY 22, 2019

A group of senators on the Banking Committee sent a letter to the central bank chairman grilling him on the agency's efforts to develop a real-time payments system.

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Real Time Payments Fed Central Bank Payments 79

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.

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