Comments due on RFI on Fed actions for faster payments
The Federal Reserve Board on Wednesday invited public comment on actions the Federal Reserve could take to support faster payments in the United States. The potential actions, which would facilitate real-time interbank settlement of faster payments, build on collaborative work with the payment industry through the Federal Reserve System's Strategies for Improving the U.S. Payment System (SIPS) initiative.
Views are being sought on two potential actions that may support the further development of faster payments in the United States while increasing the resiliency and security of services offered to the public:
- the development of a service for real-time interbank settlement of faster payments 24 hours a day, seven days a week, 365 days a year (24x7x365); and
- the creation of a liquidity management tool that would enable transfers between Federal Reserve accounts on a 24x7x365 basis to support services for real-time interbank settlement of faster payments, regardless of whether those services are provided by the private sector or the Federal Reserve Banks.
Comments on the proposal are due by December 14, 2018.
Fed Governor Lael Brainard, who co-chairs the FedPayments Improvement initiative's oversight committee, addressed the Fed Payments Improvement Community Forum in Chicago on Wednesday, speaking on the role of the Federal Reserve in ensuring safe and reliable payments, moving to 24/7 real-time settlement, and the role of the Federal reserve in faster payments.