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After discussing the core features of the U.S. payments systems, we look at how those features have impacted the experience of U.S. business and consumers and why Prof. Awrey believes they have resulted in a payments system that is worse, more expensive, and slower than payments systems in other large, developed countries. We also explore the types of changes that are needed to improve the U.S. payments system, including how the Federal Reserve System can take a more proactive approach to spurring the development of new payments technologies, assess the likely impact of the FedNow real-time settlement service on the payments system, and consider the overall prospects for improvements to the payments system.
Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, hosts the conversation, joined by Ron Vaske, a partner in the Group.
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