FedNow is a new instant-payments service offered by the U.S. Federal Reserve that will let users and businesses send and receive money within seconds.
The Federal Reserve officially launched its FedNow service Thursday, plunging into the world of real-time payments.
FedNow is a new instant-payments service offered by the central bank that will let users and businesses send and receive money within seconds. The service will operate at all times, allowing people to access funds through their banks or credit unions immediately, no matter what time of day someone executes a transaction.There’s already a real-time payment option in the U.S. — run by the Clearing House, a bank-owned association — but FedNow represents another option.
“Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid,” Fed Chair Jerome Powell said in a Thursday statement.
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