Banks’ Newest Fed Headache: Nonstop Instant Payments
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Banks’ Newest Fed Headache: Nonstop Instant Payments
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https://www.wsj.com/articles/banks-newest-fed-headache-nonstop-instant-payments-8ac97c15
By
July 9, 2023 5:30 am ET
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(2 min)
The Federal Reserve
expects to launch a new system this month aiming to make payments in the U.S. banking system available immediately, around the clock. Although it is a boon to consumers and many businesses, some analysts warn that FedNow could destabilize banks’ reliance on customer cash, fanning the flames of deposit flight that became the bane of several regional banks this spring.
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Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.