The Federal Reserve is “strongly considering” going ahead with the launch of a new payment system that would go head-to-head with a similar network run by Wall Street’s biggest banks, according to a report by Politico.
Fed Chairman Jerome Powell sent a letter to lawmakers defending the idea of an upgraded network, which would aim to support instant transactions for individuals and businesses. Currently, the Fed operates a payments network that sits alongside the networks run by banks and credit card companies, but it is underpinned by outdated technology and does not support instant, 24-7 transactions.
“We’ve not made a decision on this, but it’s something we’re looking at carefully, and it’s something I do expect we’ll make a decision on soon,” Powell said at a press conference Wednesday.
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source https://www.tokentalk.co/The Block/fed-strongly-considering-launch-of-instant-payments-network-to-rival-wall-street-5d471b417be6c31b6def9871
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