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08/22/2024
Report Finds That Faster Payments Boost Federal Reserve Banks’ Bottom Line
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The Federal Reserve’s latest report to Congress offered a snapshot of money spent — and returns on investment — on all manner of payment systems.
As real-time fund flows gain ground, the Fed’s 2023 missive detailed progress and positive returns on Fedwire, which previously was in the red, and gave a cumulative cost breakdown of the still nascent FedNow® Service, with an estimate of when that system will be, effectively, in the black.
The 222-page “Annual Report of the Board of Governors of the Federal Reserve System” issued last week covers the efforts of the 12 reserve banks that provide financial services, enable payments and support the efforts of the individual depository institutions that dot the banking landscape in the United States.
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