1.) September 10, 2013: Payment System Improvement - Public Consultation Paper
Financial institutions in the U.S. were asked how the payment system in the country should be improved?
ā speed
ā efficiency
ā safety
ā COLLABORATION with the INDUSTRY
2.) May 2015: The Faster Payments Task Force (FPTF) was created
The Task Force brought together a diverse group of 320 stakeholders ā including banks, regulators, end users and technology companies ā to create a roadmap for modernizing the U.S. payments infrastructure and of that wide group, a steering committee of sixteen people were selected - Ryan Zagone representing Ripple Labs.
Ripple supports the Task Forceās belief in a multi-provider market, as evidenced by the Interledger Protocol (ILP) which is designed to provide technical interoperability across networks and providers. A Fed report noted that ILP ācould spur further innovation and adoptionā of new solutions. It was also a key feature in the Bank of Englandās recent successful proof of concept using Ripple to enable real-time cross-border payments.
3.) July 24, 2017: The final report of the FPTF
Recommendation that the FED creates a FAST PAYMENT SYSTEM.
4.) August 05, 2019: The Fed announced its plans to create a fast payment system which is called FedNow
Important driver was the announcement of the digital currency project Libra by Facebook on June 18, 2019.
Another important driver was the partnership between the World Economic Forum and the UNto meet the Sustainable Development Goals in every country by 2030 ā Brad Garlinghouse and Chris Larsenare members of the WEF.
5.) August 6, 2020: The FED revealed the features of FedNow
The FedNow Community ā about 100 major financial institutions ā participated in the Development of the features.
The FedNow will be rolled out in phases.
6.) Aug 29, 2022: The FED confirmed that it would be launching FedNow in the middle of 2023
Lael Brainard ā the Vice Chair of the Federal Reserve Board ā is a key player in the rollout of FedNow and become the head of the United States Economic Council in 2023.
Another important part played the Boston branch of the FedNow which was tasked with creating FedNow under the supervision of Ken Montgomery.
Overall it was the work of a 100 person team with the help of major financial institutions.
7.) In March 16, 2023 : A couple days after the beginning of the banking crisis announced the FED that it would launch FedNow on July.
In July starts phase 1 ā the core payments infrastructure.
Courtesy of @DROPZXRP