US Fed not convinced with 'fast' cross-border payment

Christopher J Waller of the US Federal Reserve has voiced reservations about linking domestic fast payment systems like UPI to facilitate global transactions, citing potential risk management issues. Although the Fed has started FedNow, bilateral arrangements appear complex. However, India's RBI remains hopeful about connecting FedNow with UPI to improve remittances.

Aug 29, 2024 - 07:00
US Fed not convinced with 'fast' cross-border payment

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Christopher J Waller of the US Federal Reserve has voiced reservations about linking domestic fast payment systems like UPI to facilitate global transactions, citing potential risk management issues. Although the Fed has started FedNow, bilateral arrangements appear complex. However, India's RBI remains hopeful about connecting FedNow with UPI to improve remittances.
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