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Mester Says Fed Working with Private Sector to Develop Faster Payment System
Summary: The Federal Reserve is working to develop a faster payment system. During a financial literacy conference, Loretta Mester, Cleveland Federal President, addressed how in this age, the digital currency landscape is changing rapidly which needs to account for cyber attacks, reports Reuters. Although there is no set date for the launch of a faster payment ...
The Federal Reserve is working to develop a faster payment system. During a financial literacy conference, Loretta Mester, Cleveland Federal President, addressed how in this age, the digital currency landscape is changing rapidly which needs to account for cyber attacks, reports Reuters.
Although there is no set date for the launch of a faster payment service, the service proposed, called FedNow, could be ready in the years 2023 or 2024. Activists and Congressional Democrats are critical of the Feds for its slow process on developing a faster payment system, because it affects Americans who are living paycheck to paycheck. FedNow would help to make payments within seconds, which will assist consumers to avoid late fees.
By Claudia Rivera
Tags: Payments,Private sector,The Federal Reserve
Link: Mester Says Fed Working with Private Sector to Develop Faster Payment System [Copy]
