July 24, 2017 / 4:14 PM / 2 years ago

Federal Reserve plans to endorse a faster payment system

FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo

WASHINGTON (Reuters) - The Federal Reserve on Monday said payments and money transfers should eventually be available in real time and that the U.S. central bank would weigh which plan for such a system makes sense.

Industry groups outlined several ways to create a uniform payment system in a report last week and the Federal Reserve will weigh which makes the most sense. Those groups produced the recommendations as part of a private-sector task force established by the Fed in 2015.

Officials expect to outline next steps in the weeks ahead, Fed Governor Jerome Powell said.

The Faster Payments Task Force was conceived to develop a plan for reducing paperwork and increasing the speed of financial payments. The 300-plus member group is largely made up of financial interests.

Reporting by Patrick Rucker; Editing by James Dalgleish

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