WASHINGTON The United States needs to establish real-time consumer and business payments to replace its current costly practices, which still rely far too heavily on paper checks, Cleveland Federal Reserve President Sandra Pianalto said on Tuesday.
Pianalto did not comment on the current outlook for the U.S. economy or monetary policy in her prepared remarks, which opened a payments symposium hosted by the Chicago Federal Reserve.
"The pursuit of near-real-time payments in the United States is not a given. We are in the early stages of thinking about such a solution for this country. There are many challenges to consider," she cautioned. "Overall, I see more opportunities than challenges ... I am in favor of seizing those opportunities."
(Reporting by Timothy Ahmann; Editing by James Dalgleish)