Federal Reserve launches FedNow instant payment system
According to the Fed’s press release, the service will debut with financial institutions and the US Treasury on board.
It appears that the US primary regulator is also searching for an alternative to traditional bank transfers. Recent events have shown that American banks are not a dependable option for customers, so having a backup plan is essential.
The official launch is scheduled for the summer, and the system is currently being tested by a few selected institutions.
The official launch is scheduled for the summer, and the system is currently being tested by a few selected institutions.
