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Federal Reserve Key governor plans speech on ‘payments systems’ (8/5/19)

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We can expect an update on from the FPTF on Monday. The video will be live streamed on YouTube as well.

 

https://www.regreport.info/2019/08/02/with-decision-from-fed-pending-on-faster-payments-key-governor-plans-speech-on-payments-systems/

 

“Payment systems” is the topic a speech scheduled for Monday by Federal Reserve Board Gov. Lael Brainard in Kansas City, following closely on the heels of comments by the Fed’s board chairman this week that a decision on Fed involvement in a “real-time payments” system was coming soon.

Brainard will be delivering the remarks at the Federal Reserve Bank of Kansas City’s town hall meeting in Kansas City. Her web-streamed remarks are scheduled to begin at 1:30 p.m. ET.

Brainard is the chair of the Fed’s committee on payments, clearing, and settlement (as well as chair of the Fed’s Payments System Policy Advisory Committee) and has been leading the central bank’s efforts in its “faster payments” initiative, aimed at studying a real-time payments system in the U.S. In October, the Fed issued a call for comments from the public seeking input about potential steps the Fed could take to support the vision of a real-time gross settlement (RTGS) system of faster payments.

In a speech shortly after release of that comment call, Brainard said the Federal Reserve Banks around the country could develop a service for RTGS that is available on a 24/7 basis to provide payment-by-payment interbank settlement in real time and at any time, on any day, including weekends and holidays. She noted that the Fed banks already provide payment services to more than 11,000 banks, credit unions, and other financial institutions across the country. “A 24/7 RTGS service provided by the Reserve Banks could significantly improve the prospect that banks of all sizes will have equitable access to a real-time interbank settlement infrastructure for faster payments in the long term,” she said.

Last week, during a press conference, Federal Reserve Board Chair Jerome H. (“Jay”) Powell said the comments received from the comment call were “overwhelmingly favorable” for the Fed’s involvement. He said at that press conference that he expected a decision by the Federal Reserve about its involvement with a “real-time payment system” proposal will be made soon. He also noted, pointedly, that the U.S. is “far behind other countries in terms of having real-time payments available to the general public.”

In a letter to senators earlier this week, Powell was more forceful about a Fed role in the payments system. He said the central bank was “uniquely placed” to overcome the difficulty of establishing nationwide access because of its existing payment infrastructure and relationships with thousands of depository institutions across the country.

Edited by XRPboi

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In addition, here is the speech she gave on May 15, 2018:

https://www.federalreserve.gov/newsevents/speech/files/brainard20180515a.pdf

"Even so, digital tokens for wholesale payments and some aspects of distributed ledger technology--the key technologies underlying cryptocurrencies--may hold promise for strengthening traditional financial instruments and markets. I have highlighted a few key areas where the technology is advancing to deal with some important policy, business, and operational challenges. The Federal Reserve is dedicated to continuing to monitor industry developments and conduct research in these vital areas. I remain optimistic that the financial sector will find valuable ways to employ distributed ledger technology in the area of payments, clearing, and settlement in coming years."

 

And mentioned in Ripple's blog on May 11, 2016 (Ripple: New World, New Rules)

https://www.ripple.com/insights/rules/

1528759887_Laelblog.thumb.JPG.aac08230ed1cb2b3a820cc59fe6286ce.JPG

 

I know @Hodor is familiar with Lael :)

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22 minutes ago, codiusrex said:

The Clearinghouse has a new RTPS but not RTGS — syntax difference seems critical in the FED’s FPTF context.

@Ripple can provide RTGS at scale. 

Do you think a collaboration with Ripple will be addressed on Monday?

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30 minutes ago, XRPboi said:

Do you think a collaboration with Ripple will be addressed on Monday?

That would be stupendous but I dare not hope for it.  Also, why would one of the Fed governors make the announcement and not the chairman?  At any rate, I would have to say that the odds of the US Federal Reserve jumping feet first into cryptocurrency with XRapid use is practically zero.  This would be xCurrent at best, but as we say around here... crawl, walk, run, right?

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1 hour ago, codiusrex said:

No, it looks like...

The FPTF has numerous members including @Ripple and The Clearinghouse. 

I was thinking Brad/Ripple might be all over the news in preparation of something big happening, possibly at an event like this. Nonetheless, I hope the good news continues 

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