The system lets Americans pay for groceries instantly, businesses pay their suppliers, or people pay each other. It will be available 24 hours a day, every day of the year, with full access to funds immediately.
The Federal Reserve Thursday officially launched its long-awaited instant payment service FedNow, which allows consumers and businesses to send and receive money in seconds.
"The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell. FedNow is also different from traditional payment rails of check, ACH, and wire services. ACH transfers are electronic bank-to-bank money transfers processed through the Automated Clearing House network.The service launches with the participation of 35 banks of different sizes, including JPMorgan and Wells Fargo as well as credit unions.
and use them the same day, and small businesses can more efficiently manage cash flows without processing delays.
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