24/7/365 Potential Impacts on Other Payment Channels
When the Federal Reserve unveiled plans for its new FedNow Service, it also mentioned it was considering extending the service hours of FedWire Funds Service and the National Settlement Service to 24 hours a day, seven days-a-week, and 365 days-a-year. Such a change support the integration of faster payment services, but has the potential to significantly impact existing ACH, wire and image systems, processes and services. This panel discusses the potential impact of round the clock availability of FedWire and NSS for other payment channels and what it could mean for the overall payments industry.
Questions answered during this session:
1. How would the change in hours for NSS and FedWire® affect the other payment channels?
2. How would the change in hours faffect the overall payments industry?