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FedNow, The Realtime US Payment System - One Significant Concern
Manage episode 443666269 series 3605815
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"Now people have the ability to transfer money instantly, but FUD (Fear, Uncertainty, and Doubt) – pushed by social media and rapid communication, will, at some point, create runs on banks in a click of a mouse or at the touch of a screen… the Fed needs to force banks to increase reserves, now."
Over the past seven years I have speaking and publishing thoughts on the movement to a more digital form of global payment rails, namely cryptocurrency. During that period, we have seen the blockchain innovation push government and private companies into evolving money. One such outgrowth in the US was the creation of FedNow in 2019, and now released recently. It is a big move for the Fed, and while they dismiss it, it is very likely a movement in the general direction of a CBDC (Central Bank Digital Currency). Technology innovation pushed the US Federal Government into greater alignment with the likes of Venmo, CashApp, PayPal, and Zelle. This is step one on a long path toward the true digitization of money.
As background, FedNow is a real-time payments rail that enables instant payments for businesses operating in the United States. It is available to depository institutions in the United States and allows individuals and businesses to send instant payments through their depository institution accounts.
This is an AI assisted voice conversation. The content comes from a blog written by Joseph Raczynski.
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