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Federal Register: FRB Considers 24/7 Payment-by-Payment Interbank Settlement Service

The Federal Reserve Board ("FRB") is considering upgrading the U.S. payment system to provide payment-by-payment interbank settlements in real time (i.e., real-time gross settlement or "RTGS"). The request for comments was published in the Federal Register. Comments on the FRB's potential actions must be submitted by December 14, 2018.

As previously covered, the FRB is requesting comments on (i) the adoption of an RTGS settlement service, which would enable settlement on a 24/7/365 basis, and (ii) whether the FRB or the private sector should provide a liquidity management tool in support of RTGS settlement services.

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