Bostic Says Fed Liquidity May Need to Be More Nimble

The video discusses the evolution of transactions, highlighting the impact of the Silicon Valley Bank collapse. It emphasizes the need for real-time tools due to technological advancements like apps and social media. The shift towards instant payments and developments like Fed Now are explored, along with the operational challenges of transitioning to 24/7 systems.

What event highlighted the need to rethink the role of time in transactions?

• The rise of cryptocurrency

• The collapse of a bank in Silicon Valley

• The global financial crisis of 2008

• The introduction of mobile banking

How does the speaker define 'ubiquitous' in the context of modern transactions?

• Available only during business hours

• Accessible on-demand when needed

• Limited to specific regions

• Dependent on internet connectivity

What technological development is mentioned as significant in the move towards instant payments?

• Digital wallets

• FedNow development

• Blockchain technology

• Contactless payments

What is a major challenge in transitioning to a 24/7 operational model?

• Hiring more personnel

• Ensuring real-time transaction processing

• Increasing marketing efforts

• Reducing transaction fees

What does the speaker suggest is necessary for systems to operate seamlessly 24/7?

• Higher transaction limits

• Increased customer support

• Real-time clearing and settling capabilities

• More robust internet connections