The Federal Reserve Bank of Boston has announced the promotions of two FedNow® Service executives to senior leadership positions within the organization. Nick Stanescu has been named executive vice president and chief FedNow executive, while Daniel Anthony has been appointed as executive vice president and will continue to serve as FedNow Service’s...
One surprising digital dollar asset had a great 2022, and it wasn’t cryptocurrency. While the past year saw the value of the crypto market shrink to $1.4 trillion from its 2021 high of $3 trillion, governments around the world increasingly experimented with a different form...
Kenneth Montgomery, first VP and chief operating officer, Federal Reserve Bank of Boston and FedNow service program executive, writes in the PYMNTS eBook “Baseline 2022: What the Next Six Months Holds” that economic uncertainty makes the need for reliable, safe and timely payments more important...
A digital dollar experiment by the Boston Fed and MIT was able to produce a functioning and fault-tolerant central bank digital currency (CBDC) design that could handle 1.7 million transactions per second, with 99% completed within one second. And it isn’t built on a blockchain....
August 21, 2020
Digital dollars are a maybe – but if so, not for a while. And there’ll be quite a bit of tinkering with the technology (especially the infrastructure) and the use cases to get there. Earlier this month, as PYMNTS noted, the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology […]
December 14, 2023
The Federal Reserve says 331 financial institutions (FIs) are employing the FedNow® Service, its real-time payments system. The service launched in July with 35 participants, and is expected to continue growing in 2024, the central bank said in a Thursday (Dec. 14) news release. “These are still early days for the FedNow Service, and we are pleased with the […]
November 15, 2023
The Federal Reserve Bank of Boston has announced the promotions of two FedNow® Service executives to senior leadership positions within the organization. Nick Stanescu has been named executive vice president and chief FedNow executive, while Daniel Anthony...
February 17, 2021
The head of the Federal Reserve Bank of Boston indicated on Wednesday (Feb. 17) that he continues to anticipate that the economy with gain momentum in the second half of...
July 08, 2020
The Federal Reserve Bank of Boston issued a state-by-state listing of lenders accepting applications from new business customers for the Main Street Lending Program on Wednesday (July 8). Launched in April,...
