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Journal Article
FedNow: A Once-in-a-Generation Payments Innovation for the Fed
Kathy O’Neill Paese, St. Louis Fed interim president and CEO, shares her perspectives on FedNow, the Federal Reserve’s new instant payments system.
Briefing
Core Banking Systems and Options for Modernization
Each U.S. depository institution (DI)—including banks and credit unions—uses a back-end information technology system to process daily transactions and manage financial accounts. Many of these “core banking systems” are outdated and unable to fully accommodate modern services, such as open banking and instant payments. Modernizing these systems is a complex process, and DIs may consider a full replacement, a component-based replacement, or augmenting their existing system.
Speech
Remarks on the Outlook, Monetary Policy, and Supporting a Vibrant Economy
The following topics were covered: 1) financial stability; 2) monetary policy and the macroeconomic outlook; 3) financial infrastructure and payments services; and 4) community economic development and opportunity.
Briefing
The Role of Core Banking Services Providers in Facilitating Instant Payments
Core banking services providers play key roles helping depository institutions (DIs) offer instant payments. Specifically, core providers process transactions in real time and connect DIs to instant payments system operators, upgrade customer-facing solutions, and facilitate open banking and embedded finance. As the United States implements instant payments systems, the market structure surrounding core providers may evolve, and competition between fintechs and DIs for end users may intensify.