This framework, which will come into effect in January 2018, forms part of the Committee’s broader Basel III agenda to reform regulatory standards for banks in response to the global financial crisis and thus contributes to a more resilient banking sector. The most significant revisions relate to changes in: i.  the hierarchy of approaches;  ii.
Our cloud-first design, unique among central bank instant payment services, positions us for the future by enabling not only the  Lael Brainard, “Supporting Fast Payments for All” (remarks at the Fed Payments Improvement Community Forum, Chicago, October 3, 2018), https://www.federalreserve.gov/newsevents/speech/brainard20181003a.htm; Esther George, “From Then to FedNow: Payments Innovation and the Federal Reserve,” Policy Perspectives (Kansas City: Federal Reserve Bank of Kansas City, December 18, 2020), https://www.kansascityfed.org/Research/documents/7574/policy_perspectives_12_1_20_v5.pdf.