The Fed Is Shaking Up the Bank Industry's Payment System [The Motley Fool]
Wells Fargo & Company (WFC)
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Source: The Motley Fool
The Fed Is Shaking Up the Bank Industry's Payment System The Federal Reserve recently announced its plan to develop a new payment and settlement service, known as FedNow, which would allow for real-time payment processing by banks, even at night and on weekends. Many say that this move is long overdue, as the current public-sector-operated ACH payment infrastructure is nearly a half century old. The goal is to allow banks of all sizes and all across the United States to provide virtually instantaneous payment and settlement services to their customers. As Federal Reserve Board Governor Lael Brainard said in a press release, "Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community." Image source: Getty Images. Aren't there already real-time payment services? There is a current real-time payments system in existence, which is known as the RTP Network by The Clearing Hous
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- 4/12/24 - Beat
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- 5/7/24 - Form 424B2
- 5/7/24 - Form 424B2
- 5/7/24 - Form 424B2
- WFC's page on the SEC website