PYMNTS

AUGUST 7, 2020

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. But she added that such innovation has raised “fundamental questions” about legal and regulatory safeguards.

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Instant Payments Fed FedNow Interbank Settlement 75

PYMNTS

OCTOBER 12, 2020

As reported in August, the Fed had announced some additional details of the 24/7 year-round interbank settlement 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). Looking Toward Interoperability And Scale .

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Instant Payments FedNow Fed Interoperability 97

PYMNTS

FEBRUARY 4, 2019

The system would facilitate 24/7 year-round interbank settlements of faster payments and also provide a liquidity management tool to support transfers between Federal Reserve accounts. The group claimed that “ubiquity is unlikely to be achieved without a [real-time gross settlement system] offered by the Federal Reserve.”.

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Faster Payments Federal Reserve Real Time Payments TCH 73

Fintech News

DECEMBER 20, 2023

Singapore also made strides in payment innovation, focusing on enhancing electronic payments and expanding cross-border capabilities. Singapore furthers payment innovation aspirations 2023 also saw Singapore advance its payment innovation ambitions, particularly in the realms of electronic payments and cross-border payment capabilities.

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FinTech Cross-Border CBDC Central Bank 90