The Fed has long weighed whether to expand operations of Fedwire and NSS as part of its pursuit of faster payments. After initially announcing in 2019 that it was considering extending the hours, the agency is finally getting around to soliciting public comment on the policy change.
During a 2019 presentation, a former Federal Reserve Governor Lael Brainard noted that the public “deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community.”
