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FedNow to launch by mid-2023, Fed official says

Payments Dive

The federal government’s new real-time payments system should be ready for use by the middle of next year, Fed Governor Michelle Bowman said in a speech this week.

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Fed Exploring ‘Hypothetical’ Digital Currency

PYMNTS

In a speech delivered by webcast at the Federal Reserve Board and Federal Reserve Bank of San Francisco’s Innovation Office Hours, Fed Governor Lael Brainard said that the Federal Reserve Bank of Boston is working with researchers at MIT to “build and test a hypothetical digital currency oriented to central bank uses.”.

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Live Oak Bank Implements Finzly’s Fedwire Solution

Finovate

It is the main network in the US used by businesses and government agencies for large and/or time-critical payments. The bank featured direct connections to all payment networks, including ACH, wires, RTP, FedNow, and Swift, as well as a multi-currency general ledger, low-code customer-onboarding forms, online experiences, and more.

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Why FedNow Will Slow Real-Time Payments

PYMNTS

I’m from the government and I’m here to make sure you get your paychecks faster – even instantly…. …if That’s the talk track now from the Fed , which a week ago today announced its plans to build and operate a new set of real-time rails, using accelerated access to employer paychecks as its launch use case. It’s a pretty bold claim.

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Google Backs FedNow Payments System

PYMNTS

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-time gross settlement (RTGS) service that will offer integrated clearing functionality for faster digital payments.

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Federal Reserve’s Cunha on the State (and Timeframe) of Digital Dollars

PYMNTS

Jim Cunha, senior vice president, secure payments and fintech at the Federal Reserve Bank of Boston , told Karen Webster the joint efforts between the Fed and MIT are focused on exploring the infrastructure that would underpin a CBDC — and, at the same time, will probe various use cases. No Race To Rollout . What’s Next.

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Faster Payment Becomes A Federal Case

PYMNTS

It’s the Feds versus the Free Marketeers, and the feud between them is over whose real-time payments (RTP) rails will rule them all. Sensing that existing fast payments are not accessible enough, the Fed proposed the FedNow? 5 [2019] announcement of FedNow. In fact, TCH plans to use the FedNow Service too. “We