This is why today I call on the industry to take the next step and develop end-user solutions that will allow consumers and businesses to enjoy the benefits of instant electronic payments in any payment situation, in addition to cash, which is still popular.
Although we have no grounds for anticipating that specific failures could occur and we cannot act as an operational backstop for the nation’s financial industry, we view it as our responsibility to take action to ensure that we are as well positioned as possible to address major failures should they occur.