FedNow scheduled for mid-2023 launch
Bowman and Brainard see CBDC substitution and cloud technology advantages
The Federal Reserve System is on track to deliver its 24/7/365 instant payment service, FedNow, between May and July of 2023.
Fed vice-chair Lael Brainard revealed the timings in remarks on August 29. Previously the Fed had said only that it intended to operationalise FedNow in 2023.
Brainard said FedNow’s cloud-first design is unique among central bank payment systems. Cloud technology allows scalability and resiliency as back-up servers can be thousands of miles apart, she said.
“Cloud
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