The Federal Reserve soon plans to roll out its FedNow offering, a real-time payments service that will provide another option for instant payments in the U.S.
The service, which is scheduled to launch in July, will let money “be transferred from the account of a sender to the account of a receiver in near real-time and at any time, any day of the year,” the Fed says on its website.The service, which is scheduled to launch in July, will let money “be transferred from the account of a sender to the account of a receiver in near real-time and at any time, any day of the year,” the Fed says on its website.While the U.S.
Other countries are farther along in enabling instant payments, which are appealing to consumers. One positive development ahead of the July FedNow launch is that the Bureau of the Fiscal Service will be live with the service at the very beginning.
Still, FedNow isn’t expected to take off overnight, with Rawat and Tapling discussing how it could take a decade before 90% or so of U.S. financial institutions are equipped to both send and receive money through the platform.
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