What is ‘FedNow’ Instant Payment Service?

The Federal Reserve is going to launch an instant payment service called FedNow very soon.

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

What is ‘FedNow’ Instant Payment Service?

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

In the current payment systems, 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.