Interbank Settlement, Interoperability and Liquidity Management

FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

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 .

Instant Payments

Instant Payments FedNow Fed Interoperability

Deep Dive: Weighing The Federal Reserve’s Faster Payments Proposal

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. In a comment letter, TCH also claimed the Fed’s system would likely not be interoperable with RTP nor be implementable by 2020.

Faster Payments

Faster Payments Federal Reserve Real Time Payments TCH

Payments Space

FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

Deep Dive: Weighing The Federal Reserve’s Faster Payments Proposal

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