Federal Reserve to Initiate Payments Innovation Discussion on October 21st
U.S. Federal Reserve to Host Conference on Payments Innovation
The U.S. Federal Reserve will be hosting a conference on payments innovation on October 21, 2023, in Washington, D.C. This event will bring together economists, fintech innovators, financial regulators, and industry leaders to discuss new ideas in finance.
The conference will be live-streamed on the Federal Reserve's website, allowing a wider audience to participate in the discussions. Governor Christopher J. Waller, who has been advocating for the Federal Reserve to engage more with private businesses leading innovation, will be spearheading the event.
According to Governor Waller, innovation has always been a constant in payments to meet the changing needs of consumers and businesses. He believes that the Federal Reserve could benefit from further engagement with private businesses, as they are at the forefront of innovation.
One area of focus will be stablecoins, which Governor Waller considers an example of how the market creates new solutions for payments. He compared buying crypto with stablecoins through smart contracts to paying with a debit card at a store. Waller also considers tools like tokenization and distributed ledgers as potential additions to normal payments in the future.
The Federal Reserve launched the FedNow service in July 2023, which allows real-time payments. As of the current date, FedNow has about 1,400 banks using it, handling approximately $2.7 billion every day. The conference will discuss the transformation of financial products into digital tokens and the use of artificial intelligence in payments.
Governor Waller wants to hear about the opportunities and risks of new technology in the payments system, and how it can improve safety and efficiency. The conference will feature experts from banks, businesses, and tech companies, including those involved in decentralized finance.
More information about the conference will be shared in the coming weeks. The Federal Reserve, in addition to running the FedNow service, also manages the Fedwire Funds Service and helps manage the ACH system together with The Clearing House. The conference promises to be an exciting event for those interested in the future of payments and finance.
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