Federal Reserve Launches New Instant Payment Service
Transactions can be made between bank accounts and enable funds to be transferred from a sender's bank account to a receiver's account immediately.
The Federal Reserve officially launched its anticipated instant payment service. ‘FedNow’ allows Americans to pay for groceries instantly, businesses to pay their suppliers, or people to pay each other. It will be made available 24 hours a day, every day of the year, with full access to funds immediately. The system is not offered directly to individuals and businesses, but…