The Federal Reserve could help instant payments catch on

Aug 2, 2023
Many small banks have been hesitant to offer instant payments, even though they’ve been available for years. But the central bank’s FedNow service could cause more banks to give instant payments a try.
A couple of weeks ago, the Federal Reserve launched FedNow, a new payment service that allows people to send and receive money instantly.
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FedNow payment system launches

Jul 21, 2023
The Federal Reserve's payment system will allow participating banks to transfer money within seconds.
FedNow will allow banks that participate to transfer money within seconds, something other countries have been able to do for years.
Saul Loeb/AFP via Getty Images