USA: The Fed will launch its real-time payment service in 2023 | Photo credits: Istock
WASHINGTON, Aug 29 (Reuters) – The U.S. Federal Reserve will launch its real-time payments system between May and July 2023, Fed Vice Chairman Lael Brainard announced on Monday.
The system, dubbed FedNow and announced in 2019, will allow banks to instantly transfer funds around the clock through the financial system.
Lael Brainard said the system will help Americans manage their money more easily, and she encouraged banks to develop their own structures for making instant payments. (Report Pete Schroeder, French version Laetitia Volga)