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

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

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

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What is FedNow?

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

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

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

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

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