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Fed's instant-payments system gets you money fast. Banks do not want that.

Por: MarketWatch Politics December 07, 2023

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Sitting back and waiting for the market’s magic to work won’t do anything except turn FedNow into a Fed flop. The Fed must act now, embracing lessons from prior payments innovations both domestically and globally. The Fed should require banks to offer customers instant access to their own money, while preventing banks from adding excessive markups over what these payments cost them. FedNow’s potential is enormous. If successful, it will... + full article



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