The Fed announced says it will develop a real-time payment service called 'FedNow' to help move money around the economy more quickly
The Fed announced Monday that it will develop a real-time payment service called"FedNow" to help move money around the economy more quickly. It's the kind of government service that companies and consumers have been requesting for years — one that already exists in other countries. The service could also compete with solutions already developed in the private sector by big banks and tech companies.
Read MoreBut those perks have yet to extend to every financial institution and business across the country. That's been one of the arguments for blockchain-based payment systems like Facebook's Libra, which would circumvent the need for third-party payment settlement. During two Congressional hearings on Libra last month, some lawmakers called on the Fed to create a real-time payment system itself rather than having to rely on a network developed by Facebook.
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