Fed's Waller Says Technology Can Deliver Payment Choices

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Transcript

00:00Multiple opportunities for improvement exist in international payments,

00:04including improvements to small value remittances, business-to-business payments,

00:10and collateral management in capital markets.

00:14As we enter the next frontier, let's remember that this is not a new story,

00:19and we should not fear new technologies nor new types of providers.

00:25Instead, we should ask how new technologies could benefit all types of actors,

00:32including the most sophisticated financial firms, as well as consumers,

00:37while not losing sight of the need for guardrails that promote safety for consumers and the broader financial system.

00:46In addition, we should ask how new technologies could be used to upgrade the infrastructures

00:51that serve as critical components to the global financial system

00:56in a way that maintains and extends safety and resilience.