Federal Reserve Financial Services is an integrated organization within the Federal Reserve that is responsible for managing critical payment and securities services that foster the accessibility, integrity and efficiency of the U.S. economy. Through its relationships with about 10,000 financial institutions nationwide, the Federal Reserve provides equitable access to a system that facilitates more than $5 trillion payments each day. Federal Reserve Financial Services, delivered via a secure FedLine® network, include FedCash® Services, FedACH® Services, Check Services, Fedwire® Funds and Securities Services, the National Settlement Service and more. The Federal Reserve also collaborates broadly with payments stakeholders on improvement initiatives (Off-site), to advance the end-to-end speed, security, efficiency of domestic and cross-border payments. This collaboration led to and has informed development of the upcoming FedNowSM Service, an instant payments infrastructure launching in 2023 that will become part of the FRFS product offering.
Fed’s ‘Digital Dollar’ Idea Has Frightening Implications For Privacy And Freedom | What’s Ahead – YouTubeFed’s ‘Digital Dollar’ Idea Has Frightening Implications For Privacy And Freedom | What’s Ahead – YouTube