Electronic payment

The run on Silicon Valley Bank was blunted by delays in wire transfer executions. FedNow will make bank runs much more efficient at draining deposits.

Users of the stablecoin Tether were able to access the U.S. banking system via the Signet payments platform, which was operated by failed Signature Bank.

Bank-to-bank transactions that currently take two days could be settled in 10 seconds using central bank digital currencies and blockchain technology, the reserve bank finds.

The potential for either chamber of Congress to turn over to Republicans and rising concern about inflation adds urgency to pass the Durbin-Marshall amendment on interchange fees, experts say.

Sen. Elizabeth Warren, D-Mass., has been raising the alarm bells about fraud on the bank-owned payments platform, but independently verifiable data that might inform policymaking is hard to come by.

Sens. Elizabeth Warren and Bob Menendez say the banks that own the payments system "have chosen to let consumers suffer" from unchecked fraud problems.

The events of 2020 have only helped to intensify a range of potentially disruptive developments in the payment industry. As the central bank's digital currencies advance, how will the government and the private sector work together to bring projects to an effective conclusion?