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Follow up:

More than $14 trillion in dollar-denominated payments is routed through the U.S. banking system each day. Understanding the infrastructure that supports these payments—now described in this post and the Payments Risk Committee’s study—is important for policymakers and system participants alike. In particular, both need to be cognizant of how regulation, economic conditions, and market practices may impact the flow of U.S. dollar payments among the entities described above. Going forward, it is important to continue to monitor the network of entities that enables the flow of U.S. dollar payments to ensure that payments are transferred and transactions are settled in an efficient manner. In addition, updating this study periodically will provide important information about the sufficiency of dollar liquidity intraday to settle these payments.

Read the full source report from the NY Fed here.