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McKinsey/GCI Cash Management Forum
November 18, 2019 - November 20, 2019
Federal Reserve Sessions
Hear Connie Theien, Senior Vice President and Director of Payments Industry Relations at the Federal Reserve Bank of Chicago, in a session titled “FedNow…Now What? – A Look Inside the Fed’s Newly Announced Real-Time System and What Banks Can Expect Next”
For several years, the Federal Reserve System took an active, yet indirect, role in the US financial system’s march to Faster Payments, largely acting as convener and strategic leader. However, in August of this year, that role changed dramatically with the announcement of FedNow. A new Fed-run real-time interbank settlement system, FedNow will serve as an alternative to The Clearing House’s RTP network, striking a similar balance to that of the current wire and ACH network environments. The Fed’s underlying goal is to bolster adoption and increase ubiquity, however will its entrance actually slow the momentum several private-sector initiatives have achieved in recent years? Connie Theien has been invited back to the Forum to discuss the reasoning for the Fed’s decision to green-light its new payment system, when the service will be up and running, what impacts she believes it will have on real-time adoption both in the short and long-term, and how banks and treasury services providers specifically should be positioning themselves in preparation.
Perfected over the past 20 years, the Forum brings together leaders and innovators in Treasury Management and Commercial Payments from over 50 of North America’s largest financial institutions. Our goal is simple: to exchange insights, discuss new ideas, and lead change.