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MNI BRIEF: Fed To Launch Payments System Next Summer -Brainard


The Federal Reserve is set to launch its faster payments system next summer, bringing the core instant payment infrastructure to institutions of every size across America, said Fed Vice Chair Lael Brainard Monday.

"The shift to real-time payment infrastructure requires a focused effort, but the shift is inevitable," she said in prepared remarks that did not touch on monetary policy. Benefits from providing the FedNow Service as a neutral platform, accessible to financial institutions of all sizes nationwide, said Brainard, include increasing competition for end-user services and promoting innovation. The FedNow system would compete with a separate real-time network built and launched by big banks in 2017.

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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