Fed challenges payments industry to get quicker and safer
New document sets out strategies for improving US payment system
The Federal Reserve set out plans for reforming the speed and security of payments in the US yesterday, acknowledging the system is at a "critical juncture" in its evolution.
It released a set of strategies for improving the system – a result of the series of studies and consultations it has conducted since 2012 to identify the "key gaps" in the current setup.
The document is a call to arms. The Fed wants the private sector to lead the reforms and stressed it would only step in and start
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