Faster payments services are valued for the conveniences they provide, such as the ability to pay another individual on the spot using a mobile phone application. They also provide consumers, households, and businesses more flexibility in managing their money because faster payments can be sent and received at any time, on any day.
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: 1) 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; and 2) the creation of a liquidity management tool that would enable transfers between Federal Reserve accounts on a round-the-clock 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.
Federal Reserve Town Hall on Federal Register Notice—Open for Public Comment
WHAT: Federal Reserve Town Hall open to the public
When: Friday, Nov. 9, noon to 3 p.m. (CT)
Where: Federal Reserve Bank of Minneapolis, 90 Hennepin Ave., Minneapolis, MN 55401
For more information: FedPaymentsImprovement.org
Media registration is required in advance to attend the Town Hall. Additional details will be provided to those who register.
To register: Alyssa Augustine, alyssa.augustine@mpls.frb.org, 612-204-5175
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.