‘FedNow’ Instant Payment Service will be launched by July 2023

The Federal Reserve will launch an instant payment service called FedNow very soon.

Fed Vice Chair, Lael Brainard, said that FedNow is expected to launch between May and July 2023.

What is FedNow?

It is a new system that will enable the settlement of U.S. payments in seconds.

You know when we do different activities like deposits, transfers, and others through bank branches, it takes some time to move the money.

But through this FedNow instant payment service, every transaction will be completed in seconds like digital currency.

FedNow service will enable consumers and businesses to send payments instantly at any time on any day.