WASHINGTON—The Federal Reserve intends to launch its instant payment network – FedNow – by mid-2023, according to FedGov. Michelle Bowman, who called the implementation a “high priority.”
The Fed described FedNow as a service that will “provide interbank clearing and settlement that enables funds to 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.”
NAFCU reported the Fed also noted that “depository institutions and their service providers will be able to build on this fundamental capability to offer value-added services to their customers.”
More information on FedNow can be found here.
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