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Federal Reserve Bank of New York launches FinTech Innovation Center

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The Federal Reserve Bank of New York has partnered with the Bank for International Settlements (BIS) Innovation Hub to launch the New York Innovation Center (NYIC). This initiative explores the crossroads of financial services and technology. The facility is scheduled to open on November 29th.

What is the Federal Reserve Bank of New York?

NY Fed is one of the 12 Regional Reserve Banks that make up the American Central Banking System, known as the Federal Reserve System. It plays an important role in the implementation of monetary policy and is an integral part of economic activities related to payment systems, bank supervision and regulation.

The financial authorities have over 50 years of experience in financial innovation and technical issues, including the role of administrator of two large information networks (Fedwire Funds Service Network and Treasury / Federal Reserve Automated Clearing House). The World Bank is also working to provide New York City with Faster Payments capabilities by participating in the activities of the US Treasury’s Faster Payments Task Force.

Another interesting FinTech development by the Federal Reserve is the FedNow service, which uses Real Time Transport Protocol (RTP). It will be implemented in stages and will be fully available to the public in the United States in 2023.

What is the role of the New York Innovation Center (NYIC)?

The main purpose of the New York Innovation Center (NYIC) is to work with the Bank for International Settlements (BIS) Innovation Hub on financial sector innovation issues that are important to the central banking community.

Operated on 33 Liberty Street of the Federal Reserve Bank of New York, NYIC seeks to work with the Federal Reserve, the BIS Innovation Hub Center, and external experts to create financial technologies that improve the performance of the global financial system. increase.

The director of the new facility will be Pervon Zelowitz. He has many years of experience working on financial innovation and technological issues. Zelowitz was recently a leader in banking transformation at professional services company PwC. Prior to that, he was an entrepreneur living in the financial services company Citi. Experienced FinTech executives are responsible for directing NYIC’s work.

Launch event: Providing central bank innovation capabilities

To commemorate the opening of NYIC, a public event will be held on November 29th. The event will focus on the benefits of strategic partnerships with BIS, innovation of financial authorities, and potential new areas of development in the central banking community. Notable speakers at this virtual event are:

John Williams, Federal Reserve Bank of New York President Jerome Powell, Federal Reserve Chairman, Agston Karstens, Bank for International Settlements (BIS) General Manager Norleen Hassan, First Vice President and Chief Operating Officer New York Federal Reserve Bank of New York Benoit Coeure, Head of BIS Innovation Hub Per von Zelowitz, Federal Reserve Bank of New York NYIC Director, Raj Seshadri, Mastercard Amy Nauiokas Data and Services President, Founder and CEO of Anthemis

This event is open to the public. To sign up, please visit the event page.

Central Bank 2.0

One of the ideas behind these developments could be to make transactions safer and more efficient for everyone involved, including the central bank itself. As the Federal Reserve Bank of New York is moving in this direction, it also reflects how FinTech can improve payment systems around the world. It can have a positive impact on economic growth.

The changes brought about by financial innovation and technology have greatly improved the efficiency, convenience and transparency of central banks around the world. This new focus on FinTech has also allowed us to pursue other objectives such as promoting competition between payment service providers (PSPs), promoting security and health, and optimizing resource usage.

The nature of the financial technology they explore in NYIC has not yet been clarified. Still, it can be anything from artificial intelligence and machine learning to payments and digital currencies, as long as the trend is over. It may also focus on innovative products and processes rather than the technology itself.

In short, the New York Innovation Center is definitely welcome news for the fintech community. It helps to explore the crossroads of financial technology and their central banks. This effort is part of the Federal Reserve Bank of New York’s ongoing efforts to promote financial stability through active risk management, detailed oversight and effective policymaking.

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Sources

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2/ https://fintechmagazine.com/financial-services-finserv/ny-federal-reserve-bank-launch-fintech-innovation-centre-0

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