Fed aims for 24/7 instant payment system in US

FedNow Service should be available in 2023 or 2024, and Fed promises upgrade to existing systems

Federal Reserve

The Federal Reserve plans to have an operational 24-hour, seven-day real-time payments service in 2023 or 2024, it announced on August 5.

The prospective FedNow service marks a major effort by the Fed to bring US payments services closer to those of other major economies. The Fed also said it would see if it could upgrade another payment service and its existing settlement service to make them permanently available.

Federal Reserve board governor Lael Brainard said: “FedNow will permit banks

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