From Then to FedNow: Payments Innovation and the Federal Reserve

Abstract: Since its founding, the Federal Reserve System has evolved its payments services to be responsive to changes in the industry and to meet the needs of its customers and the public generally. To be sure, episodes of tragedy and crisis can amplify the gaps in legacy systems and approaches, and the COVID-19 pandemic is no exception as it highlights shifting consumer payments preferences.

Keywords: Payments; FedNow; Federal Reserve; Pandemic;

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Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Policy Perspectives

Publication Date: 2020-12-18

Issue: December 18, 2020

Pages: 3