FedNow Service Launches, Bringing Instant Payments to Banks and Credit Unions

The Federal Reserve has launched its new system for instant payments, called FedNow Service. This service will enable banks and credit unions of all sizes to instantly transfer money for their customers, any time of the day, on any day of the year.

Federal Reserve Chair Jerome H. Powell stated that the FedNow Service was built to make everyday payments faster and more convenient over the coming years.

The benefits of this new tool are expected to include immediate receipt of paychecks or other payments, and increased financial inclusion for individuals and businesses.