That is where we believe that the Federal Reserve and the private sector together need to make investments for the future. In this regard, the U.S. retail payment system lags behind some other countries: the Reserve Bank of Australia and the European Central Bank have already implemented or are on the cusp of implementing RTGS systems to support private-sector faster payment services.
9  Faster Payments Task Force, Final Report Part Two: A Call to Action, July 2017, https://fasterpaymentstaskforce.org/. 10  U.S. Department of the Treasury, A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation (Washington: Department of the Treasury, July 2018), https://home.treasury.gov/sites/default/files/2018-07/A-Financial-System-that-Creates-Economic-Opportunities--Nonbank-Financi....pdf.