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Fed plays crucial role in payments standard-setting

May 20, 2024

The Federal Reserve has a critical role to play in setting standards for the rapidly evolving world of payments, Fed Governor Christopher Waller emphasized in a speech last week.

In speaking to the International Organization for Standardization’s committee for financial services Friday, Waller laid out the Fed’s historical role in helping the industry set standards to smooth the flow of payments, ultimately to the benefit of the economy. He also underscored that the fast clip of digital changes today make that role all the more important.

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