In an announcement Thursday morning, the Federal Reserve unveiled that its instant payment system, the FedNow® Service, has officially gone live. This tool aims to empower banks and credit unions of all sizes to facilitate instantaneous money transfers for their customers. The Federal Reserve claims that FedNow transactions can be executed 24/7, 365 days a year. To start, 35 banks and credit unions, alongside the U.S. Department of the Treasury’s Bureau of the Fiscal Service, are among those already equipped to handle payments through the FedNow Service. Furthermore, a lineup…
Read MoreFederal Reserve Officially Launches Instant Payments System FedNow
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