Fed issues guidelines for joint accounts with private banks
Initiative aims to create more efficient US payments system
The US Federal Reserve Board on August 9 released the final guidelines to evaluate requests by private financial corporations wishing to open joint accounts with the Fed. An official statement by the Fed says the new guidelines for joint accounts aim to facilitate faster settlement for payment transactions.
The Fed is simultaneously trying to come up with measures to achieve a “ubiquitous, safe, faster payment solution” in the US, through the Faster Payments Task Force, it says.
The Fed has
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