13 Lael Brainard, “The Digitalization of Payments and Currency: Some Issues for Consideration” (speech at the Symposium on the Future of Payments, Stanford, Calif., February 5, 2020), https://www.federalreserve.gov/newsevents/speech/brainard20200205a.htm. 12  -9-  to building an instant payment system that delivers the payment speed that users want without bypassing the legal and regulatory protections they have come to expect from banking relationships.
Ultimately, the FedNow Service can be a catalyst for innovation in the market by providing a neutral platform on which the private sector can build to offer safe, efficient instant payment services to users across the country.