Mark Gould, who has served as the Federal Reserve’s top payments official, announced he will retire later this year following a distinguished 35-year career at the central bank. Currently leading the Financial Services division, Gould has held the position of chief payments executive since March 2021. The Federal Reserve is actively searching for his successor and aims to appoint a new leader before the year ends.
Gould began his tenure at the Federal Reserve in May 1991, starting in the retail payments division. Throughout his career, he has been instrumental in managing the Fed’s payment systems, which include retail, wholesale, cash, and instant payment services. A key milestone under his leadership was the launch of FedNow in July 2023. This initiative marked the Fed’s first instant payment system, designed to accelerate transaction settlements across the U.S. financial network.
FedNow enables participating financial institutions to process payments instantly at any time, seven days a week. This service particularly benefits smaller banks that have been slower to adopt real-time payment technologies available through larger competitors. While many of the nation’s largest banks have joined FedNow, fewer than 2,000 of nearly 9,000 eligible banks currently use the system. The Federal Reserve hopes to expand this reach to approximately 7,500 institutions.
Despite ongoing efforts to modernize U.S. payment infrastructure, adoption of real-time payment platforms like FedNow and The Clearing House’s RTP network remains gradual. Many businesses continue to rely on paper checks, which hampers broader corporate use of instant payments. Additionally, the Federal Reserve is exploring ways to extend FedNow’s capabilities for cross-border transactions to further enhance speed and accessibility.
The creation and operation of FedNow have required substantial investment from the Federal Reserve. As of 2024, operating expenses have reached about $246 million, with an additional $100 million spent on development in 2023 alone. Gould described his leadership role in payments as both challenging and rewarding, emphasizing his dedication to strengthening resilience and improving user experience within the U.S. payments ecosystem.
In a LinkedIn announcement regarding his retirement, Gould expressed gratitude for his long-standing career at the Federal Reserve and hinted at new pursuits beyond his current role. His departure signifies a major leadership transition in the Fed’s payment systems as it continues adapting to an increasingly digital financial landscape.
