Policy Perspectives are written by Esther George, president and CEO of the Kansas City Fed. In this occasional publication series, she discusses issues related to the Federal Reserve’s role in payments, banking supervision and monetary policy.
From Then to FedNow: Payments Innovation and the Federal Reserve - December 18, 2020
Since its founding, the Federal Reserve System has evolved its payments services to be responsive to changes in the industry and to meet the needs of its customers and the public generally. To be sure, episodes of tragedy and crisis can amplify the gaps in legacy systems and approaches, and the COVID-19 pandemic is no exception as it highlights shifting consumer payments preferences.
Pondering Payments: Challenges of Reaching All Americans - June 30, 2020
As the effect of the COVID-19 pandemic has reverberated, the payments system has continued to operate, ensuring that the economy continues to function. Although there have been changes in the ways transactions are occurring, the payments infrastructure that supports them is working well—though perhaps not as fast as some would like. A more pressing issue, however, is how to reach consumers who do not have the ability to receive payments electronically into a bank account.