Fed will create new, near-instantaneous payment processing system

The Federal Reserve's Board of Governors will make the biggest change to the U.S. payment system in 45 years, creating a new round-the-clock payment and settlement service called FedNow. The announcement was made Monday at the Federal Reserve Bank in Kansas City. Esther George, president of the Kansas City Fed, is head of the Federal Reserve’s Payment Systems Improvement Project. She was joined by Lael Brainard, chair of the Board of Governors Committee on Payments, Clearing and Settlements. The…