The Federal Reserve Bank of Cleveland continues to produce indicators and datasets aimed at informing the public, policymakers, and researchers about economic conditions such as inflation, employment, and financial system risks. Their research addresses economic issues relevant to local communities, the nation, and globally.
Representing the Fourth Federal Reserve District, which includes Ohio and parts of Pennsylvania, West Virginia, and Kentucky, the institution provides resources beneficial to its region and communities across the United States. It also supervises financial institutions, supports American consumers’ financial security, and maintains stability in payment systems for the US Treasury.
As part of the US central bank system, the Federal Reserve Bank of Cleveland contributes to studying economic conditions affecting communities, serves financial institutions, and offers economic education and resources.
Instant payments have been increasingly adopted in the United States since The Clearing House launched its Real-Time-Payments (RTP®) service in 2017 and the Federal Reserve introduced its FedNow® Service in 2023. These services enable consumers and businesses to make immediate payments more conveniently. Currently, over 1,000 US financial institutions participate out of approximately 9,000 nationwide.
To adopt faster payments effectively, financial institutions require modern technical capabilities for instant transactions around the clock. Core banking service providers play a crucial role in helping these institutions upgrade their infrastructure to support instant payments.
Ken Isaacson, senior vice president and payments advisor at the Federal Reserve Bank of Cleveland, will moderate a panel discussion featuring Federal Reserve payments professionals. The conversation will cover connecting to instant payments, the role of core banking service providers, and the benefits this new payment rail offers to financial institutions along with their business and consumer customers.
The webinar is scheduled for Wednesday, August 21, 2024 from 3:00–4:00 PM ET.
