progress on fast payments for all : an update on fednow remarks by lael brainard vice chair board of governors of the federal reserve system at fednow early adopter workshop rosemont ( via webcast ) august 29, 2022 - 1i am pleased to join the fednow early adopter workshop. 1 with the technical testing phase of the [UNK] service kicking off in mid - september, i want to particularly thank the early adopters for the important investments they are making to prepare for the day when the fednow service goes live next year. together with our partners, we will be ready to launch the fednow service between may and july of 2023, bringing this innovative core instant payment infrastructure to financial institutions of every size across america. we have been working hard to deliver on time, but ultimately the number of american businesses and households that are able to access instant payments will depend on financial services providers making the necessary investments to upgrade our payments infrastructure. together, we can ensure that all americans have access to a modern and reliable instant payment system. the payment system is a critical part of america ’ s infrastructure that touches everyone. americans rely on the payment system all day every day to make purchases, pay bills, and get paid — without ever needing to consider the complex infrastructure that is operating under the hood. american households and businesses want and deserve payment transactions that work seamlessly, reliably, and efficiently. fostering a safe, efficient, and widely accessible payments infrastructure has been a central part of the fed ’ s mission since the very beginning. the federal reserve banks all around the country have provided payment and settlement services alongside the private sector for more than 100 years. over that period, we have repeatedly innovated and invested in collaboration with the private sector to transform the payment system, i am grateful to kirstin wells of the federal reserve board for her assistance in preparing this text. the views expressed here are my own and do not necessarily reflect those of the federal reserve board or the federal open market committee. - 2using the latest technology to better meet the needs of businesses and households. 2 now, after extensive industry engagement and planning, the federal reserve is on track to deliver the fednow service by may to july of 2023. the fednow service will transform the way everyday payments are made throughout the economy, bringing substantial gains to households and businesses through the ability to send instant payments at any time on any day, and the funds being immediately available to recipients to make other payments

to operate supra - national governance. therefore, asian regional collaboration does not have a lead player a priori. instead, a variety of players are involved. in fact, asia has several groups of different stripes, like emeap, asean, asean + 3, asian development bank ( adb ), each with its own unique membership. such an " open - ended " modality for regional cooperation reflects asia's diversity in ethnic, historical, religious, and linguistic backgrounds. some say that asia's diversity could weaken its regional unity. there is some truth in this view, but diversity has its own advantages as well. it can create an environment in which people appreciate different values and ideas, develop a sense of tolerance to others, and become more innovative through such cross - cultural interaction. this is a unique advantage for asia to maximize, and i believe asian cooperation should move ahead in this direction. the first east asian summit meeting is slated for this december. the summit will be attended by the leaders of asean + 3 nations, india, australia, and new zealand and will be the first of its kind. this gathering of countries attests to the flexibility of asia's cooperation. given the prospect for energy development in east siberia or sakhalin, the attendees to the east asian summit may even include russia in the future. but this is anyone's guess, of course. iv. looming challenges despite the collective progress so far made, asian countries are facing new challenges. in my judgment, response to these problems will define the path of asian cooperation going forward. there is no doubt that high growth has enabled asia to savor better economic welfare. however, i see four challenges to further prosperity in asia ; • accelerate financial market integration • establish sound socioeconomic infrastructures like intellectual property right protection, transparent corporate governance, and impartial judiciary • tackle transnational problems like regional epidemics, natural calamities and environmental disruptions • formulate sustainable energy policy first, financial market integration. financial markets in asia are still ring - fenced by national borders. that makes it hard to link savings with investment opportunities within the region efficiently. as i said, the financial authorities in asia are working together to develop liquid bond markets, as they expect such markets to facilitate the marriage of savings and investment in the region. organic linkage of savings and investment would underpin sustainable growth in asia, thereby contributing eventually to the adjustment of global payment imbalances. second, socioeconomic