With all of the uncertainty in the global economy, it is more important than ever that national authorities around the world stick to a sound economic policy framework. It is only by staying the course that we can establish a steady base for sustained economic growth over the longer term.
The FedNow Service will not only expand but also strengthen the U.S. payment infrastructure by operating alongside the private-sector instant payment service, the Clearing House’s RTP network. As they do for other payment services, many banks may choose to maintain access to more than one instant payment service to attain resiliency through redundancy.