The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

The Federal Reserves Plans New Interbank 24/7 Payments Platform

by Daily Hodl Staff
August 6, 2019
in Regulators

The Federal Reserve Board is developing a new real-time payment and settlement service.

The platform, called the FedNow Service, is designed to leverage technology that is more efficient and secure than existing infrastructure. Its purpose is to enable the Federal Reserve Banks to offer around-the-clock payments in the US, with a focus on speed, efficiency and security.

The near-instantaneous transfer of funds will be available seven days a week, 365 days a year, offering a key advantage over traditional banks that stop processing transactions on the weekends.

The Fed, which provides payment and settlement services to over 10,000 financial institutions across the country, says its FedNow Service will benefit all Americans with faster payments.

Says Federal Reserve Board Governor Lael Brainard,

“Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community. FedNow will permit banks of every size in every community across the country to provide real-time payments to their customers.”

In 2015, the Fed launched the Faster Payments Task Force to improve the US payment system. It lists an extensive roster of participants in the payments industry who are leading the steering committee including Bankers’ Bank, Consumers Union, The Clearing House, Ripple and U.S. Bank.

In the race against global competitors who are transforming the payments industry, the real-time interbank gross clearing and settlement service was originally targeting a 2020 launch date. That challenge is increasingly escalating with tech giants like Facebook entering the payments industry with digital currency project Libra.

While Libra is purportedly powered by a consortium of giant corporations, the Fed says its platform is powered by a group of stakeholders who were given a “Call to Action” back in 2015.

“The United States stands on the verge of a transformation in how businesses and consumers make payments. Rapid technological innovation; demand for faster, smarter payments; and the impressive will of the industry have collided to create an unprecedented opportunity. The Faster Payments Task Force calls on all payment stakeholders to take action and be a part of this historic effort. Read this Final Report and embrace our plan and vision for secure, ubiquitous, faster payments by 2020.”

In a series of recommendations detailed in 2015, the Fed also notes the creation of services for cross-border transactions.

“The task force asks the Federal Reserve to determine the optimal design of and implement a 24x7x365 settlement service to support the needs of the faster payments system. The task force believes that broader access to Federal Reserve settlement services will level the playing field and enhance competition among providers of faster payments services.

Explore and assess the need for Federal Reserve operational role(s) in faster payments: As faster payments are implemented in the market, the task force asks the Federal Reserve to explore and assess the need for an operational role(s) in the faster payments system to support ubiquity, competition, and equitable access to faster payments in the United States. In addition to providing for a settlement capability, such roles might include provision of directory services, transaction processing, network access, security, and/or cross-border payments.”

The goal of the central bank’s FedPay, according to the announcement, is to foster accessibility and efficiency of the US payment system.

“Providing payment services, often in collaboration and cooperation with the private sector, is a key part of our ability to affect public policy objectives and achieve those goals for the benefit of the U.S. public.”

The service is now slated to launch in 2023 or 2024.

You can check out the Federal Reserve Planned Actions here.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
  • The QWAN Launch – A Token for the Global Gaming Industry
    May 30, 2023
  • Bitcoin.com’s VERSE Token Now Available for Trading on Kucoin
    May 29, 2023
  • Huobi Set To Launch Trading Service in Hong Kong
    May 26, 2023
  • Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
    May 25, 2023
  • The Open Network (TON) Unveils DeFi and Data Analytics Hackathon in Collaboration With DWF Labs and Amazon Web Services
    May 25, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,843.19
$26,843.19
1.03%
Ethereum
$1,857.55
$1,857.55
0.56%
Cardano
$0.365526
$0.365526
2.37%
XRP
$0.508635
$0.508635
1.44%
Dogecoin
$0.071895
$0.071895
0.47%

Spotlight

  • Top Analyst Predicts Strong Short Squeeze for Bitcoin to $30,000 – But There’s a Big Catch
    May 24, 2023
  • Dogecoin Whale Transfers Over $396,800,000 in Series of Transactions – Here’s Where the Crypto Is Going
    May 24, 2023
  • Here’s What’s in Store for Pepe, Chainlink, Avalanche and One Additional Altcoin, According to Popular Analyst
    May 24, 2023
  • Wall Street Execs Preparing for US Debt Default, Potential Collapse in Mortgage and Stock Markets: Report
    May 24, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl