FedNow: the advantage of going last

Mobile payments

It is no secret the US has lagged behind other advanced countries in instant payments. But, as the Federal Reserve embarks on building its first new payment system since launching the Automated Clearing House (ACH) system 46 years ago, this is not necessarily a disadvantage. In August last year, after six years of consultation, the US central bank announced its plans to launch an around-the-clock, instant settlement platform for retail payments by 2023–24. The platform, called FedNow, is a major

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