US Fed Governor Casts Doubt on Global Interlinking of Instant Payment Systems

Christopher Waller, a governor of the US Federal Reserve Board, has expressed skepticism about the practicality of connecting domestic fast payment systems globally. While acknowledging the potential benefits of such interlinking, Waller raised concerns about the costs, complications, and potential security risks it could pose. He emphasized that the US is prioritizing the development of its internal FedNow network, highlighting the importance of robust domestic systems before considering international interconnections.

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