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Data privacy commissioners from Australia, Albania, Burkina Faso, Canada, the EU, the U.K., the U.S., shared concerns that “while Facebook and Calibra have made broad public statements about privacy, they have failed to specifically address the information handling practices that will be in place to secure and protect personal information.
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The Federal Reserve Board has announced that the Federal Reserve Banks will build and operate the FedNowSM Service, a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality to support faster payments in the United States. The decision to develop the new RTGS service (Off-site) was based on an assessment of public input and policy criteria regarding the Federal Reserve’s role in the payment system.
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The Fed’s offering, called FedNow, will challenge a competing service already offered by The Clearing House, a private company owned by many of the country’s largest banks. The Fed, which expects to launch its service in 2023 or 2024, said a publicly run offering is needed to ensure the entire nation can reap the benefits of real-time payments.
Kiffmeister’s Fintech Daily Digest 08/06/2019
