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Federal Reserve Launches FedNow Service

Federal Reserve Launches FedNow Service

Posted: Jul 26 2023
The Federal Reserve has officially launched its FedNow service for instant payments. Banks of all sizes can sign up and use the tool to instantly transfer money for their customers at any time of day, the agency said. As an interbank payment system, FedNow will operate alongside other Fed payment services such as Fedwire and FedACH.

The Fed previously announced that more than 50 early adopters would be able to use FedNow on launch, including 16 service providers that support payment processing for banks and credit unions. When fully available, instant payments “will provide substantial benefits for consumers and businesses, such as when rapid access to funds is useful, or when just-in-time payments help manage cash flows in bank accounts,” the agency said.

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