Federal Reserve launches FedNow instant payment system
According to the Fed’s press release, the service will debut with financial institutions and the US Treasury on board.
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It appears that the US primary regulator is also searching for an alternative to traditional bank transfers. Recent events have shown that American banks are not a dependable option for customers, so having a backup plan is essential.
The official launch is scheduled for the summer, and the system is currently being tested by a few selected institutions.
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