After years of development, the Federal Reserve has finally announced that it will launch its instant payment service, FedNow, in July. This move is expected to revolutionize the way consumers and businesses transfer money across the United States.
According to the Federal Reserve, FedNow will enable immediate payments, making it possible for money to be transferred between bank accounts within seconds, 24/7, 365 days a year. The service will operate alongside existing payment systems, such as ACH and wire transfers, and is expected to provide a more efficient and secure payment option for Americans.
FedNow is part of the Federal Reserve's strategy to modernize the country's payment system and make it more inclusive. Currently, many Americans rely on cash or checks for their transactions, which can be slow and inconvenient. With FedNow, the Federal Reserve hopes to provide a faster and more reliable payment option for everyone.