We have carefully analyzed the criteria of the Monetary Control Act and long-standing Federal Reserve policies, considered the comments provided by a wide range of stakeholders, and studied the experiences of foreign central banks.7 We are not making this decision lightly.
On balance, after carefully weighing important considerations on both sides, we have concluded it is our responsibility to take action in support of a real-time payment infrastructure accessible to all. While we will work hard to stand up the FedNow Service in a timely manner, our most important goal is to achieve nationwide access for all, reflecting our public mission.