Building on a 2013 Consultation, the Federal Reserve has now laid out a more specific plan for modernizing the U.S. payment system and expanding its own role in it. Rejecting fears that near real-time payments by individuals and small businesses are not needed, the new strategy lays out plans for a ubiquitous, faster system that would also include major changes to enhance security and resilience. However, the pace of change will be slow despite a series of deadlines laid out in the paper as the FRB seeks to emphasize consensus over near-term action.
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