The Federal Reserve is “strongly considering” going ahead with the launch of a new payment system that would go head-to-head with a similar network run by Wall Street’s biggest banks, according to a report by Politico.

Fed Chairman Jerome Powell sent a letter to lawmakers defending the idea of an upgraded network, which would aim to support instant transactions for individuals and businesses. Currently, the Fed operates a payments network that sits alongside the networks run by banks and credit card companies, but it is underpinned by outdated technology and does not support instant, 24-7 transactions.

“We’ve not made a decision on this, but it’s something we’re looking at carefully, and it’s something I do expect we’ll make a decision on soon,” Powell said at a press conference Wednesday.

Join Genesis now and continue reading, Fed ‘strongly considering’ launch of instant payments network to rival Wall Street!