
Sign up to save your podcasts
Or
In this episode, we're diving into FedNow, the Federal Reserve Bank's newest payment system. FedNow aims to replace the old-school ACH and wire transfer systems with a fast and modern infrastructure that allows real-time payments 24/7/365. But like any shiny new toy, it comes with potential drawbacks. Concerns over government surveillance, higher implementation costs, interoperability issues, and security risks can't be ignored. However, the benefits of faster payments, increased financial inclusion, and competition in the industry make it hard to resist. So is FedNow worth the risk? Tune in to find out!
Sources:
"What is FedNow?" NerdWallet. Accessed April 11, 2023. https://www.nerdwallet.com/article/banking/fednow
"Forget the Gossip: Here's the Truth About FedNow." The Ascent by The Motley Fool. Accessed April 11, 2023. https://www.fool.com/the-ascent/banks/articles/forget-the-gossip-heres-the-truth-about-fednow/
"What is the FedNow?" Market Realist. Accessed April 11, 2023. https://marketrealist.com/banking/what-is-the-fednow/
Michel, Norbert. "The Federal Reserve Should Drop FedNow and Any Plans to Launch a CBDC." Forbes. December 15, 2022. https://www.forbes.com/sites/norbertmichel/2022/12/15/the-federal-reserve-should-drop-fednow-and-any-plans-to-launch-a-cbdc/
In this episode, we're diving into FedNow, the Federal Reserve Bank's newest payment system. FedNow aims to replace the old-school ACH and wire transfer systems with a fast and modern infrastructure that allows real-time payments 24/7/365. But like any shiny new toy, it comes with potential drawbacks. Concerns over government surveillance, higher implementation costs, interoperability issues, and security risks can't be ignored. However, the benefits of faster payments, increased financial inclusion, and competition in the industry make it hard to resist. So is FedNow worth the risk? Tune in to find out!
Sources:
"What is FedNow?" NerdWallet. Accessed April 11, 2023. https://www.nerdwallet.com/article/banking/fednow
"Forget the Gossip: Here's the Truth About FedNow." The Ascent by The Motley Fool. Accessed April 11, 2023. https://www.fool.com/the-ascent/banks/articles/forget-the-gossip-heres-the-truth-about-fednow/
"What is the FedNow?" Market Realist. Accessed April 11, 2023. https://marketrealist.com/banking/what-is-the-fednow/
Michel, Norbert. "The Federal Reserve Should Drop FedNow and Any Plans to Launch a CBDC." Forbes. December 15, 2022. https://www.forbes.com/sites/norbertmichel/2022/12/15/the-federal-reserve-should-drop-fednow-and-any-plans-to-launch-a-cbdc/