Federal Reserve: Reveals real-time payment system plans

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Federal Reserve: Reveals real-time payment system plans

Federal Reserve Bank: Reveals real-time payment system plans

  • The Federal Reserve Bank is developing a new service called FedNow
  • It also allow all banks in the United States to offer 24/7 real-time payment services
  • It expected to be available by 2023 or 2024 and also initially support transfers of up to $25,000
  • FedNow will also make managing budgets easier for many people and small businesses
  • This is a universal infrastructure, enabling all banks, including smaller ones, to provide real-time payments
  • The Federal Reserve’s board of governors voted 4-1 to approve the proposal for FedNow