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Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific.
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).
An outcome of MAS’ Project Greenprint, Gprnt is designed to automate the ESG reporting process and provide endusers, including financial institutions, regulators and large corporates, with timely insights to support sustainability-related decision-making.
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