U.S. Fed's Christopher Waller Sheds Light On 'FedNow' & Hurdles With U.S. Digital Payment Service

At the Global Fintech Fest in Mumbai, Christopher Waller, Member of the U.S. Federal Reserve Board of Governors, discusses the development of the U.S. digital payment service, FedNow. He also explains the rationale behind creating the digital infrastructure. Christopher Waller highlights that while larger banks have their own real-time payment systems, smaller banks were relying on the Fed to create one. The major challenge has been building a unified payment system that can serve and coordinate with nearly 8,900 banks across the U.S.