U.S. Economy: Fed’s Plan to Speed Up Financial Transactions


Manage episode 239401581 series 2394432
By Kathy Fettke: Real Wealth Network and Kathy Fettke - Real Wealth Network. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
The Federal Reserve Bank announced plans to create a real-time payment system to make check-cashing and other transactions faster. It would be an upgrade from the current Fed system which is slow to settle a transaction and would be run like a utility. It would also compete with a network recently launched by six big banks called The Clearing House. Critics say the Fed system would be redundant and would interfere with the private sector effort that’s already underway. www.NewsForInvestors.com

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