Journal Article
Federal Reserve: Bringing Payments into the Fast Lane
Sablik, Timothy (2023-07)
In July, the Fed launched its first new payment service in more than 40 years. FedNow enables money to move instantaneously from sender to recipient 24 hours a day, seven days a week — weekends and holidays included. While there are already mobile payment apps, such as Zelle, Venmo, or Cash App, that appear to instantly transfer funds between users, many of these services still rely behind the scenes on older payment technologies like the Automated Clearing House (ACH) network that can result in some delays. Additionally, these apps are focused on person-to-person payments. In contrast, ...
Econ Focus , Volume 23 , Issue 3Q , Pages 21-24

Speech
Perspectives on the Economy, and on the Opportunities Ahead
Collins, Susan M. (2022-09-26)
Speech to the Greater Boston Chamber of Commerce. In her first speech as president of the Boston Fed, Susan Collins touched on a broad range of topics, including monetary policy, her vision as leader of the Boston Reserve Bank, and the work being done at the Bank to support a vibrant regional and national economy.
Speech

Journal Article
FedNow: A Once-in-a-Generation Payments Innovation for the Fed
O'Neill Paese, Kathleen (2023-09-06)
Kathy O’Neill Paese, St. Louis Fed interim president and CEO, shares her perspectives on FedNow, the Federal Reserve’s new instant payments system.
The Regional Economist

Speech
Remarks to the Boston Economic Club: The Economy’s Performance and Outlook, and Implications for Policy
Collins, Susan M. (2024-02-07)
It is important to recognize that the path the economy takes toward the Fed’s mandated goals may continue to be bumpy and uneven, and we should not overreact to individual data points. To President Collins' thinking, that reflects the realities of a unique and challenging pandemic and the economic recovery from it. Expecting all indicators to be well aligned is too high a bar, but seeing sustained, broadening signs of progress should provide the necessary confidence she would need to begin a methodical adjustment to our policy stance.
Speech

Journal Article
Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments
Toh, Ying Lei; Hayashi, Fumiko (2020-04-17)
The U.S. payments industry is currently implementing faster payments that will enable consumers and businesses to send and receive payments almost instantly at any time of day, any day of the year. Mobile banking in particular may allow consumers to realize the full benefits of faster payments. As a result, a consumer’s use of mobile banking is a good indicator of their readiness to benefit from faster payments.Fumiko Hayashi and Ying Lei Toh examine which consumer characteristics are associated with mobile banking use as well as what other factors may influence consumer readiness. They ...
Economic Review , Volume 105 , Issue no.1 , Pages 5

Speech
FedNow® Service Update
O'Neill Paese, Kathleen (2023-09-29)
Speech

Briefing
From Then to FedNow: Payments Innovation and the Federal Reserve
George, Esther L. (2020-12-18)
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.
Policy Perspectives , Issue December 18, 2020 , Pages 3

Speech
Remarks at the Panel Discussion, “Central Bank Perspectives on Central Bank Digital Currencies”
Rosengren, Eric S. (2021-05-12)
The topic of central bank digital currencies is certainly of interest to the Federal Reserve and other nations’ central banks around the world. Like others, the Federal Reserve System is considering both the technical and policy issues surrounding all aspects of a central bank digital currency. In my brief remarks today on the panel, I will touch on several of these key considerations.
Speech