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Fed to develop real-time payments system for launch in 2023 or 2024

WASHINGTON, Aug 5 (Reuters) - The U.S. Federal Reserve announced on Monday it planned to develop its own round-the-clock real-time payments and settlement service, with an expected launch in 2023 or 2024.

In a statement, the U.S. central bank said it was seeking public comment on the project, saying near-instantaneous transfer of funds 24 hours a day could yield economic benefits for individuals and businesses.

The new system would operate alongside a private real-time payments system established by a group of large banks in 2017.

The Fed also said it was exploring the expansion of its Fedwire Funds Service and National Settlement Service to operate 24 hours a day every day of the year. (Reporting by Pete Schroeder Editing by Paul Simao)