The Federal Reserve has launched a new instant payment service that allows banks and credit unions to sign up to send real-time payments so they can offer customers a quicker way to send money between banks.
and credit unions that are already signed up to the service. However, it might take longer for customers to be able to use the service with their bank.FedNow offers instant payment services for banks and credit unions to transfer money for their customers. Unlike other private money-transferring services like PayPal or Venmo, FedNow services are not offered to customers directly through a third-party app or website. The services will only be available through banks or credit unions.
By creating FedNow, the Fed is making it quicker and more accessible for people to send and receive online payments. The Fed is also catching up with other countries that already have real-time payment systems like FedNow, including England, China, Sweden and India.These tools include the ability for banks to flag suspicious accounts and limit the amount and frequency of payments by those accounts.
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