’s discount window borrowing facility represent a shift in how the nation’s central bank traditionally provided liquidity through … at "Central Bank Liquidity Tools and Perspectives on Regulatory Reform" a conference sponsored by the Federal Reserve …

Over the last few decades, most central banks, concerned about settlement risks inherent in payment netting systems …, they require greater liquidity to smooth nonsynchronized payment flows. Thus, central banks typically provide intraday … intraday liquidity is managed has become a competitive parameter in commercial banking and a policy concern of central banks …