The term “central bank” brings to mind thoughts of stability, resilience and trust, all things that have been part of the Federal Reserve’s DNA for more than a century. Many people are less aware that the payment systems operated by the Fed facilitate the electronic movement of trillions of dollars between financial institutions every day. And most people may not realize the work underway to leverage cutting-edge technology to further increase the speed of payments, enabling instant payments between people and businesses.
Mark Gould, chief payments executive for Federal Reserve Financial Services at the Federal Reserve, told PYMNTS that the Fed is fine-tuning its focus to streamline the embrace and use of digital, speedier payments.